Corporate ActionNov 2, 2026, 05:26 PM
Performance Shipping Repurchases Warrants
AI Summary
Performance Shipping Inc. announced the repurchase and cancellation of a significant number of its outstanding common share purchase warrants through separate, individually-negotiated transactions. The company repurchased Class A Warrants, Warrants issued in July 2022 and August 2022, and Series B Warrants issued in March 2023. These repurchases are in line with the company's financial covenants. Maxim Group LLC is acting as the financial advisor for these transactions.
Key Highlights
- Performance Shipping Inc. repurchased and cancelled an aggregate of up to 190,000 Class A Warrants at $0.20 per share.
- The company also repurchased and cancelled up to 859,999 Warrants (July 19, 2022) at $0.60 per share.
- An additional 1,699,306 Warrants (August 16, 2022) were repurchased and cancelled at $0.60 per share.
- Series B Warrants (March 3, 2023) totaling up to 3,313,250 were also repurchased and cancelled at $0.60 per share.
- Remaining outstanding Warrants include Class A for up to 377,366 shares at $15.75, July 19, 2022 Warrants for up to 173,333 shares at $1.65, and August 16, 2022 Warrants for up to 422,916 shares at $1.65.
- Remaining Series A Warrants are exchangeable for up to 14,300 shares, and Series B Warrants are for up to 783,750 shares at $2.25.
Price Impact
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