Business
Performance Shipping Inc. Announces Extension of Its Offer to Exchange up to 4,066,181 Common Shares for Shares of Series B Convertible Cumulative Perpetual Preferred Stock
ATHENS, Greece, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today that it has extended the expiration date of its 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 extended expiration date of the offer to exchange is 5:00 p.m., New York City time, on January 27, 2022, unless the offer is extended or withdrawn. The full terms and conditions of the offer to exchange are discussed in the Offer to Exchange, as amended and restated on January 12, 2022 (the “Offer to Exchange”), and the related Letter of Transmittal and other materials relating to the Offer to Exchange (each as amended), contained in the Company’s tender offer statement on Schedule TO, as amended, which has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and which has, or will be, distributed to shareholders. Shareholders who have previously tendered and not validly withdrawn their Common Shares by completing and returning the Letter of Transmittal and who still wish to participate in the Offer to Exchange are not required to take any further action. About the Company 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 spot voyages, time charters, and through pool arrangements. Certain Information Regarding the Exchange Offer The information in this press release describing Performance Shipping Inc.’s exchange offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Performance Shipping Inc.’s securities in the exchange offer. The exchange offer is being made only pursuant to the Offer to Exchange and the related materials that Performance Shipping Inc. is distributing to its shareholders, as they may be amended or supplemented. SHAREHOLDERS ARE URGED TO READ THE EXCHANGE OFFER AND SC...