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Performance Shipping repurchases and cancels over 5.8M warrants at $0.20 to $0.60 per share
PSHGPerformance Shipping Inc.
Performance Shipping Inc. agreed to repurchase and cancel approximately 5,862,555 outstanding common share purchase warrants in separate individually-negotiated transactions. The company bought back Class A Warrants (190,000 units) at $0.20 per underlying common share and other warrant series totaling 5,672,555 units at $0.60 per underlying common share. These transactions were conducted to ensure compliance with financial covenants under bank loan facilities, sale-and-leaseback agreements, and the terms of its 9.875% Senior Unsecured Bonds due 2029. Following the repurchases, remaining outstanding warrants include Class A Warrants for up to 377,366 shares at $15.75 exercise price, various 2022-issued warrants for approximately 596,249 shares at $1.65 exercise price, Series A warrants for 14,300 shares, and Series B warrants for up to 783,750 shares at $2.25 exercise price. Performance Shipping Inc. operates in the maritime shipping industry.