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Performance Shipping repurchases Series B Warrants at $0.60 per share to comply with financial covenants
PSHGPerformance Shipping Inc.
Performance Shipping Inc. agreed to repurchase and cancel a portion of its outstanding Series B common share purchase warrants from a specific holder at a price of $0.60 per underlying common share. The transaction involves up to 253,500 shares and is designed to ensure compliance with financial covenants under the company's bank loan facilities, sale-and-leaseback agreements, and its 9.875% Senior Unsecured Bonds due 2029. Following this repurchase, the company retains various other warrant classes, including Class A Warrants exercisable at $15.75 and Series B Warrants exercisable at $2.25. Maxim Group LLC served as financial advisor for the transaction. Performance Shipping Inc. operates in the maritime shipping industry.