Business
Performance Shipping Inc. Announces One-for-Ten Reverse Stock Split and Availability of New Corporate Presentation
ATHENS, Greece, Oct. 30, 2020 (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, Oct. 30, 2020 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tankers, today announced that its Board of Directors has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-ten. The Company’s shareholders approved the reverse stock split at the Company’s Special Meeting of Shareholders held on October 29, 2020.\n The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market, as of the opening of trading on November 2, 2020 under the existing trading symbol “PSHG.” The CUSIP number of Y67305 121 will be assigned to the Company’s common shares when the reverse stock split becomes effective. Commenting on the reverse stock split, Mr. Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “The Company is fully committed to maintaining its Nasdaq listing, and the reverse stock split announced today is necessary as the Company was unfortunately left with no other option to regain compliance with Nasdaq’s minimum bid price rule. This reverse stock split is not linked to any equity offering. Over the past fifteen months and despite the challenging COVID-19 pandemic, the Company has successfully completed a significant transformation.” This transformation has included the following developments: Exited the container ship sector to focus exclusively on the tanker sector;Acquired four Aframax tankers;Chartered one of our tankers for approximately 18 months at $28,000 to a major national oil company;Simplified its capital structure, leaving only common shares outstanding;Appointed a new management team and maintained full transparency with all management functions performed in house; andInitiated a new variable quarterly dividend policy coupled with our specific low leverage target and declared our first dividend. A detailed presentation articulating the Company’s new business strategy is available on our website at http://www.pshipping.com/for-our-investors. Information contained on our website does not constitute a part of this press release. Mr. Michalopoulos added: “We believe the implementation of our new business strategy over the near term will help address our ...