![](https://investorshub.advfn.com/uicon/376695.png?cb=1635031981)
Friday, May 27, 2022 2:41:06 PM
Performance Shipping Inc. Announces Pricing of $8.0 Million Underwritten Public Offering
May 27 2022 - 09:15AM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today the pricing of an underwritten public offering of 7,620,000 units at a price of $1.05 per unit. Each unit consists of one common share (or pre-funded warrant in lieu thereof) and one Class A warrant to purchase one common share, and will immediately separate upon issuance. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $8.0 million.
Each Class A warrant is immediately exercisable for one common share at an exercise price of $1.05 per share and will expire five years from issuance. The offering is expected to close on or about June 1, 2022, subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager in connection with the offering.
The Company has granted the underwriter a 45-day option to purchase up to an additional 1,143,000 common shares and/or pre-funded warrants and/or 1,143,000 Class A warrants, at the public offering price less underwriting discounts and commissions.
The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-255100) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”) on May 27, 2022. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Performance Shipping Inc.
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of Aframax tankers. The Company’s current fleet is employed on short-term time charters, spot voyages, and through pool arrangements.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending," and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our 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.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand for our vessels, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, dry-docking and insurance costs, our future operating or financial results, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions or events, including the impact of war in Ukraine, the imposition of new international sanctions, “trade wars”, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
Recent PSHG News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/06/2024 08:15:21 PM
- Performance Shipping Inc. Secures Charter Contract with Trafigura for LR2 Aframax Tanker, M/T P. Aliki • GlobeNewswire Inc. • 06/06/2024 01:28:40 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/05/2024 08:15:11 PM
- Performance Shipping Inc. Secures Charter Contract With Aramco for About 24 Months at US$41,000 Per Day • GlobeNewswire Inc. • 06/05/2024 01:28:21 PM
- Performance Shipping Inc. Reports Solid Financial Results for the First Quarter Ended March 31, 2024 • GlobeNewswire Inc. • 05/30/2024 01:27:20 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/08/2024 08:15:20 PM
- Performance Shipping Inc. Signs Shipbuilding Contract for the Construction of a Newbuilding LR1 Tanker Vessel • GlobeNewswire Inc. • 05/07/2024 01:29:25 PM
- Performance Shipping Inc. Announces Filing of 2023 Annual Report on Form 20-F • GlobeNewswire Inc. • 03/28/2024 02:56:37 PM
- Performance Shipping Inc. Secures Five-Year Time Charter Contracts With Clearlake for Three Newbuilding Vessels at US$31,000 Per Vessel Per Day • GlobeNewswire Inc. • 03/12/2024 01:28:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/08/2024 09:15:31 PM
- Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2023 • GlobeNewswire Inc. • 03/07/2024 02:28:15 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/06/2024 03:24:32 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/21/2023 09:35:49 PM
- Performance Shipping Inc. Secures Two Year Time Charter Contract With Oil Major at US$37,200 Per Day • GlobeNewswire Inc. • 12/21/2023 02:28:19 PM
- Form SC 14D9/A - Solicitation, recommendation statements: [Amend] • Edgar (US Regulatory) • 12/20/2023 09:35:42 PM
- Performance Shipping Inc. Signs Shipbuilding Contracts for the Construction of 2 Newbuilding LNG-Ready Scrubber Fitted Tier III LR2 Tankers • GlobeNewswire Inc. • 12/20/2023 02:28:00 PM
- Performance Shipping Inc. Announces Full Prepayment of Piraeus Bank S.A. Loans and Significant Reduction of Finance Costs • GlobeNewswire Inc. • 12/18/2023 02:27:35 PM
- Performance Shipping Inc. Announces Completion of Sale and Delivery of 2007 Built M/T P. Kikuma to New Owners • GlobeNewswire Inc. • 12/13/2023 02:28:16 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/11/2023 10:16:12 PM
- Performance Shipping Inc. Issues 2022 Sustainability Report • GlobeNewswire Inc. • 12/11/2023 02:20:31 PM
- Form SC TO-T/A - Tender offer statement by Third Party: [Amend] • Edgar (US Regulatory) • 12/05/2023 09:54:58 PM
- Form SC 14D9/A - Solicitation, recommendation statements: [Amend] • Edgar (US Regulatory) • 11/30/2023 03:48:38 PM
- Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023 • GlobeNewswire Inc. • 11/27/2023 02:28:39 PM
- Form SC TO-T/A - Tender offer statement by Third Party: [Amend] • Edgar (US Regulatory) • 11/15/2023 06:45:54 PM
- Form SC 14D9/A - Solicitation, recommendation statements: [Amend] • Edgar (US Regulatory) • 11/15/2023 11:40:25 AM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM