Performance Shipping Inc. Announces the Preliminary Results of its Offer to Exchange up to 4,066,181 Common Shares for Shares of Series B Convertible Cumulative Perpetual Preferred Stock
ATHENS, GREECE, January 28, 2022 - Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today the preliminary results of its previously announced offer to exchange up to 4,066,181 of its currently issued and outstanding common shares of the Company, par value $0.01 per share (the “Common Shares”), for newly issued shares of the Company’s Series B Convertible Cumulative Perpetual Preferred Stock, par value $0.01 and liquidation preference $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Shares for each Common Share (the “Exchange Offer”). The Exchange Offer expired at 5:00 p.m., New York City time, on Thursday, January 27, 2022.
Based on the preliminary count by Computershare Trust Company, N.A., the exchange agent for the Exchange Offer, the total number of Common Shares tendered in the Exchange Offer was 2,834,612 Common Shares, which would result in the Company’s issuance of approximately 793,691 Series B Preferred Shares. The number of Common Shares accepted for exchange by the Company and the aggregate number of Series B Preferred Shares to be issued in exchange therefor are preliminary and subject to final confirmation by the Exchange Agent. The final results of the Exchange Offer will be announced promptly following the completion of the confirmation process.
The issuance of Series B Preferred Shares for Common Shares that are accepted for exchange will be made in accordance with the terms of the Exchange Offer promptly following the final confirmation of the number of Common Shares tendered and taking into account adjustments to avoid the issuance of fractional Series B Preferred Shares.
If shareholders have any questions, please call the Company’s information agent, Georgeson LLC, by telephone, toll-free at (800) 676-0098.