PERFORMANCE SHIPPING INC. ANNOUNCES REPURCHASE OF ALL SERIES B-2 PREFERRED SHARES
Performance Shipping Inc. - Common Shares (PSHG)
Company Research
Source: GlobeNewswire
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
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