Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global
shipping company specializing in the ownership of tanker vessels,
announced today the pricing of an underwritten public offering of
7,620,000 units at a price of $1.05 per unit. Each unit consists of
one common share (or pre-funded warrant in lieu thereof) and one
Class A warrant to purchase one common share, and will immediately
separate upon issuance. The gross proceeds of the offering to the
Company, before underwriting discounts and commissions and
estimated offering expenses, are expected to be approximately $8.0
million.
Each Class A warrant is immediately exercisable
for one common share at an exercise price of $1.05 per share and
will expire five years from issuance. The offering is expected to
close on or about June 1, 2022, subject to customary closing
conditions.
Maxim Group LLC is acting as sole book-running
manager in connection with the offering.
The Company has granted the underwriter a 45-day
option to purchase up to an additional 1,143,000 common shares
and/or pre-funded warrants and/or 1,143,000 Class A warrants, at
the public offering price less underwriting discounts and
commissions.
The offering is being conducted pursuant to the
Company's registration statement on Form F-1 (File No. 333-255100)
previously filed with and subsequently declared effective by the
Securities and Exchange Commission (“SEC”) on May 27, 2022. A final
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC’s website at http://www.sec.gov.
Copies of the final prospectus relating to this offering, when
available, may be obtained from Maxim Group LLC, 300 Park Avenue,
16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Performance Shipping
Inc.
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of
Aframax tankers. The Company’s current fleet is employed on
short-term time charters, spot voyages, and through pool
arrangements.
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, but are not limited to,
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, terms or phrases may 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, fluctuations in
currencies and interest rates, general market conditions, including
fluctuations in charter hire rates and vessel values, changes in
demand for our vessels, changes in the supply of vessels, changes
in worldwide oil production and consumption and storage, changes in
our operating expenses, including bunker prices, crew costs,
dry-docking and insurance costs, our future operating or financial
results, 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, the length
and severity of epidemics and pandemics, including the ongoing
outbreak of the novel coronavirus (COVID-19) and its impact on the
demand for seaborne transportation of petroleum and other types of
products, 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 or events, including the impact of war in Ukraine, the
imposition of new international sanctions, “trade wars”, acts by
terrorists or acts of piracy on ocean-going vessels, potential
disruption of shipping routes due to accidents, labor disputes or
political events, vessel breakdowns and instances of off-hires and
other important factors. Please see our filings with the U.S.
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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