PERFORMANCE SHIPPING INC. ANNOUNCES REPURCHASE OF ALL SERIES B-2 PREFERRED SHARES
ATHENS, Greece, April 08, 2020 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has repurchased and cancelled all of its 400 remaining issued and outstanding Series B-2 Preferred Convertible Shares from an unaffiliated third party at their stated value of $1,000 per share. Prior to their cancellation, the Series B-2 Preferred Shares entitled their holder to convert each of their Series B-2 Preferred Share into common shares of the Company at a conversion price equal to a discounted volume weighted average price of the Company’s common shares.
Commenting on the repurchase and cancellation of the Series B-2 Preferred Convertible Shares, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, stated:“The Company is pleased to have cancelled the outstanding Series B-2 Preferred Convertible Shares. The issuance of these Preferred Shares in 2017 facilitated the raising of capital at that time and helped the Company achieve the strong balance sheet that is has today and marks another step in the Company’s renewal efforts. Following the above cancellation and the recent redemption of all of the Series C Preferred Shares as previously announced, the Company no longer has any Preferred Shares outstanding.”About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on spot charters with leading charterers.Cautionary Statement Regarding Forward-Looking StatementsMatters 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 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 identify forward-looking statements.
Corporate Contact:
Andreas Michalopoulos
Deputy Chief Executive Officer,
Chief Financial Officer, Treasurer and Secretary
Telephone: +30-216-600-2400
Email:
Website: www.pshipping.com
Commenting on the repurchase and cancellation of the Series B-2 Preferred Convertible Shares, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, stated:“The Company is pleased to have cancelled the outstanding Series B-2 Preferred Convertible Shares. The issuance of these Preferred Shares in 2017 facilitated the raising of capital at that time and helped the Company achieve the strong balance sheet that is has today and marks another step in the Company’s renewal efforts. Following the above cancellation and the recent redemption of all of the Series C Preferred Shares as previously announced, the Company no longer has any Preferred Shares outstanding.”About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on spot charters with leading charterers.Cautionary Statement Regarding Forward-Looking StatementsMatters 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 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 identify forward-looking statements.
Corporate Contact:
Andreas Michalopoulos
Deputy Chief Executive Officer,
Chief Financial Officer, Treasurer and Secretary
Telephone: +30-216-600-2400
Email:
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:
