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Hunter Maritime Acquisition Corp. announces extension of tender offer

Published by , Editorial Assistant
Dry Bulk,

Hunter Maritime Acquisition Corp. (Nasdaq: HUNT) (the Company) has announced that its previously announced tender offer, as amended, (the Tender Offer) to purchase up to 8,233,100 of its Class A common shares, par value US$0.0001 per share, at a purchase price of US$10.00 per Class A common share has been extended until 5:00 p.m. New York City time on 2 June, 2017, unless extended or earlier terminated by the company (the "Expiration Date").

The Class A common shares are currently listed on the Nasdaq Capital Market under the symbol 'HUNT.' The last reported trading price of the Company's Class A common shares on the Nasdaq Capital Market on 25 May, 2017 was US$9.80 per share. As of 25 May, 2017, 4,432,303 Class A common shares have been validly tendered pursuant to the Tender Offer and not properly withdrawn.

Only Class A common shares validly tendered prior to the Expiration Date, and not properly withdrawn, will be purchased by the Company pursuant to the Tender Offer. The Company's obligation to purchase Class A common shares pursuant to the Tender Offer is subject to the satisfaction of certain conditions. There will be no proration in the event more than 8,233,100 Class A common shares are validly tendered and not properly withdrawn.Class A common shares tendered pursuant to the Tender Offer but not purchased by the company in the Tender Offer will be returned at the company's expense promptly following the expiration of the Tender Offer.

The Tender Offer is being made in connection with the company's previously announced proposed acquisition of five identified Capesize dry bulk carriers, for an aggregate purchase price of US$139.4 million in cash, in an en-bloc transaction, subject to the satisfaction of certain important conditions precedent (the Acquisition). The Tender Offer is being made pursuant to the company's organisational documents to provide the company's public shareholders with an opportunity to redeem their Class A common shares for a pro rata portion of the trust account (the Trust Account) established to hold the proceeds of the company's initial public offering consummated on 23 November, 2016. The Company intends to fund the purchase of Class A common shares in the Tender Offer with cash available to the Company from the Trust Account.

The company's board of directors recommends that existing shareholders not tender their Class A common shares after they review the Offer to Purchase, contained in the Company's tender offer statement on Schedule TO, as amended, which has been filed with the U.S. Securities and Exchange Commission (the SEC) and which has been distributed to shareholders.

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