Business
Pyxis Tankers Announces Results of its 2022 Annual Meeting of Shareholders & Implementation of Common Stock Reverse Split, Effective May 13, 2022
Maroussi, Greece, May 11, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an international pure play product tanker company, today
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, May 11, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company”), an international pure play product tanker company, today announced that its 2022 Annual Meeting of Shareholders (the “AMS”) was duly held on May 11, 2022 in London, U.K. At the AMS, the following proposals were approved and adopted: The re-election of Mr. Aristides J. Pittas to serve as the Company’s Class II Director until the 2025 Annual Meeting of Shareholders, and To amend the Company’s Articles of Incorporation to effect one or more reverse stock splits of the Company’s issued common stock, par value $0.001 (the “Common Shares”), at a ratio of not less than one-for-four and not more than one-for-ten and in the aggregate at a ratio of not more than one-for-ten, inclusive, with the exact ratio to be set at a whole number within this range to be determined by the Company’s board of directors (the “Board”), or any duly constituted committee thereof, in its discretion, and to authorize the Board to implement any such reverse stock split by filing any such amendment to the Company’s Articles of Incorporation with the Registrar of Corporations of the Republic of the Marshall Islands (each an ”Amendment”) at any time following such approval (the “Reverse Stock Split”). Following the AMS, the Board approved the filing of an Amendment to effect a Reverse Stock Split in the ratio of one for four outstanding Common Shares, to take effect on Friday, May 13, 2022. Beginning on such date, the Company’s Common Shares will trade on a split-adjusted basis on the Nasdaq Capital Markets with a new assigned CUSIP number of Y71726130. When the reverse stock split becomes effective, every four of the Company's issued and outstanding Common Shares will be combined into one issued and outstanding Common Share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the Common Shares. This will reduce the number of outstanding Common Shares from 42,455,857 shares to 10,613,964. No fractional shares will be issued in connection with the Reverse Stock Split. Shareholders who would otherwise receive a fraction of a Common Share of the Company will receive a cash payment in lieu thereof. The Reverse Stock Split is undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the list...