On March 4, 2024, Sphinx Investment Corp. announced that it has commenced litigation in the Republic of the Marshall Islands against Stamatis Tsantanis, Christina Anagnostara, Dimitrios Anagnostopoulos, Elias Culucundis, Ioannis (John) Kartsonas and Seanergy Maritime Holdings Corp. by filing a complaint in the High Court of the Republic of the Marshall Islands.

Sphinx Investment stated that the complaint alleges, among other things, that by approving a transaction?namely, the issuance to Stamatis Tsantanis for $250,000 of the Company?s super-voting Series B Preferred Stock?that in Sphinx Investment?s view disenfranchised outsider stockholders, had no economic rationale, and gave Stamatis Tsantanis and other members of the Board perpetual control over the Company without obtaining a control premium for the Company?s outsider stockholders, the Director Defendants put their own interests and the interests of Stamatis Tsantanis above the Company?s interests, thereby breaching their fiduciary duties and causing continued harm to Sphinx Investment. Sphinx Investment added that the complaint seeks, among other things, to void and cancel the Series B Preferred Stock issued to Stamatis Tsantanis, to cancel the certificate of designation for the Series B Preferred Stock, to prohibit Stamatis Tsantanis from exercising the voting rights of the Series B Preferred Stock and to prohibit the Company from recognizing any such votes purportedly cast.