Performance Shipping Inc. Announces Repurchase of all Series B-2 Preferred Shares
ATHENS, GREECE, April 8, 2020 – 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 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 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.
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 and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for our vessels, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, 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, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.