Performance Shipping Inc. Announces Expiration of Series B-2 Preferred Warrants
March 26 2019 - 9:25AM
Performance Shipping Inc. (NASDAQ:DCIX), (the “Company”), a global
shipping company specializing in the ownership of containerships,
today announced that its Series B-2 Preferred Warrants that are
exercisable for Series B-2 Preferred Shares expired in accordance
with their terms on March 24, 2019.
As of the date hereof, the Company has
26,753,851 issued and outstanding Common Shares and 2,000 Series
B-2 Preferred Shares issued and outstanding. No additional
Series B-2 Preferred Shares may be issued after the date
hereof.
Mr. Symeon Palios, Director, Chief Executive
Officer and Chairman of the Board, commented that:
“After the expiration of the Series B-2
Preferred Warrants, the Company is now set on a new start, as the
Company’s fleet currently comprises of four unencumbered vessels,
with zero debt outstanding. In addition to this, the Company’s
available cash amounted to US$10.5 million, as of December 31, 2018
and since then, the Company collected an additional US$6.5 million
of gross proceeds from the exercise of Series B-2 Preferred
Warrants.”
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of
containerships. The Company’s vessels are employed primarily on
time charters with leading liner companies carrying containerized
cargo along worldwide shipping routes.
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 containership capacity,
changes in our operating expenses, including bunker prices,
drydocking 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.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: +30-216-600-2400
Email: izafirakis@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: +1-203-972-8350
Email: enebb@optonline.net
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