United Maritime Corp Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

Ticker: USEA · Form: 20-F · Filed: Apr 2, 2024 · CIK: 1912847

United Maritime Corp 20-F Filing Summary
FieldDetail
CompanyUnited Maritime Corp (USEA)
Form Type20-F
Filed DateApr 2, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0, $0.0001
Sentimentneutral

Sentiment: neutral

Topics: 20-F, Annual Report, United Maritime Corp, SEC Filing, USEA

TL;DR

<b>United Maritime Corp has filed its annual 20-F report detailing its 2023 fiscal year operations and financial standing.</b>

AI Summary

United Maritime Corp (USEA) filed a Foreign Annual Report (20-F) with the SEC on April 2, 2024. United Maritime Corp filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company is incorporated in the Republic of the Marshall Islands. Its principal executive offices are located at 154 Vouliagmenis Avenue, Glyfada, Greece. As of December 31, 2023, 8,694,630 shares of common stock and 40,000 Series B Preferred Shares were outstanding. The common stock of United Maritime Corp is traded on The Nasdaq Stock Market LLC under the ticker symbol USEA.

Why It Matters

For investors and stakeholders tracking United Maritime Corp, this filing contains several important signals. This filing provides a comprehensive overview of the company's performance, financial health, and strategic direction for the past fiscal year, which is crucial for investors to assess its current valuation and future prospects. As a publicly traded entity, United Maritime Corp is required to submit this report to the SEC, ensuring transparency and providing stakeholders with essential information for investment decisions.

Risk Assessment

Risk Level: low — United Maritime Corp shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new financial data or strategic shifts that would inherently increase risk.

Analyst Insight

Investors should review the full 20-F filing to understand the company's financial performance, operational details, and any disclosed risk factors for the fiscal year 2023.

Key Numbers

  • 8,694,630 — Common Shares Outstanding (As of December 31, 2023)
  • 40,000 — Series B Preferred Shares Outstanding (As of December 31, 2023)
  • 0.0001 — Par Value of Common Stock (As of December 31, 2023)
  • 0.0001 — Par Value of Preferred Stock (As of December 31, 2023)

Key Players & Entities

  • United Maritime Corp (company) — Registrant
  • December 31, 2023 (date) — Fiscal year end
  • Republic of the Marshall Islands (jurisdiction) — Jurisdiction of incorporation
  • 154 Vouliagmenis Avenue (address) — Business address
  • Glyfada, Greece (location) — Business address city and country
  • Stamatios Tsantanis (person) — Chairman & Chief Executive Officer
  • USEA (ticker) — Trading Symbol
  • The Nasdaq Stock Market LLC (company) — Exchange

FAQ

When did United Maritime Corp file this 20-F?

United Maritime Corp filed this Foreign Annual Report (20-F) with the SEC on April 2, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by United Maritime Corp (USEA).

Where can I read the original 20-F filing from United Maritime Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by United Maritime Corp.

What are the key takeaways from United Maritime Corp's 20-F?

United Maritime Corp filed this 20-F on April 2, 2024. Key takeaways: United Maritime Corp filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The company is incorporated in the Republic of the Marshall Islands.. Its principal executive offices are located at 154 Vouliagmenis Avenue, Glyfada, Greece..

Is United Maritime Corp a risky investment based on this filing?

Based on this 20-F, United Maritime Corp presents a relatively low-risk profile. The filing is a standard annual report (20-F) and does not contain immediate, significant new financial data or strategic shifts that would inherently increase risk.

What should investors do after reading United Maritime Corp's 20-F?

Investors should review the full 20-F filing to understand the company's financial performance, operational details, and any disclosed risk factors for the fiscal year 2023. The overall sentiment from this filing is neutral.

How does United Maritime Corp compare to its industry peers?

United Maritime Corp operates in the water transportation industry, specifically focusing on the shipping of dry bulk commodities.

Are there regulatory concerns for United Maritime Corp?

As a foreign private issuer, United Maritime Corp files an annual report on Form 20-F with the U.S. Securities and Exchange Commission (SEC).

Industry Context

United Maritime Corp operates in the water transportation industry, specifically focusing on the shipping of dry bulk commodities.

Regulatory Implications

As a foreign private issuer, United Maritime Corp files an annual report on Form 20-F with the U.S. Securities and Exchange Commission (SEC).

What Investors Should Do

  1. Review the full 20-F filing for detailed financial statements and management's discussion and analysis.
  2. Analyze the number of outstanding common and preferred shares as of December 31, 2023.
  3. Monitor future filings for updates on operational performance and financial results.

Key Dates

  • 2023-12-31: Fiscal Year End — End of reporting period for the 20-F filing.
  • 2024-04-02: Filing Date — Date the 20-F annual report was filed with the SEC.

Year-Over-Year Comparison

This is the initial 20-F filing for the fiscal year ended December 31, 2023, as indicated by the filing date and the nature of the report.

Filing Stats: 4,538 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-04-02 16:18:25

Key Financial Figures

  • $0 — ered Shares of common stock, par value $0.0001, including the Preferred Stock Pur
  • $0.0001 — 4,630 shares of common stock, par value $0.0001 per share, and 40,000 Series B Preferre

Filing Documents

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 94 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 95 PART II 95 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 95 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 95 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 95 ITEM 16 [RESERVED] 96 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 96 ITEM 16B. CODE OF ETHICS 96 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 96 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 97 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 97 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 97 ITEM 16G. CORPORATE GOVERNANCE 97 ITEM 16H. MINE SAFETY DISCLOSURE 98 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 98 ITEM 16J. INSIDER TRADING POLICIES 98 ITEM 16K. CYBERSECURITY 98 PART III 100 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 100 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 100 ITEM 19. EXHIBITS 100 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions, or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements in this annual report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. As a result, you are cautioned not to rely on any forward-looking statements. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are

Risk Factors

Risk Factors Some of the following risks relate principally to the industry in which we operate and others relate to our business in general or our common shares. If any of the following risks occur, our business, financial condition, operating results, and cash flows could be materially adversely affected and the trading price of our securities could decline. Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common shares speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings "Risks Relating to Our Industry," "Risks Relating to Our Company," and "Risks Relating to Our Common Shares" and should be carefully considered, together with other information in this annual report on Form 20-F and our other filings with the Commission, before making an investment decision regarding our common shares. 3 Table of Contents The principal risk factors, as more particularly described in this "Item 3. Key Information—D. Risk Factors" below, include but are not limited to the following: general dry bulk market conditions, including fluctuations in charter hire rates, vessel values, vessel supply, and demand for vessels; general economic, political, and business conditions and disruptions, including sanctions, public health, war, piracy, terrorist attacks, and other measures; our dependence on index-linked charters; global economic conditions and disruptions in world financial markets and the resulting governmental action; compliance with, and our liabilities under, governmental, tax, environmental, and safety laws and regulations; changes in governmental regulation, tax, and trade matters and actions taken by regulatory authorities; inherent operational risks, weather damage, seasonal fluctuations, and inspection procedures of the dry bulk industry; in

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