ATHENS, Greece, December 20, 2021 (GLOBE NEWSWIRE) – Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in tanker ownership, today announced the commencement of an offer to exchange up to 4,066,181 of its currently issued and outstanding common shares of the Company, with a par value of $ 0.01 per share (the “Common Shares”), for newly issued shares issued Cumulative Convertible Perpetual Preferred Shares Series B of the Company, with a par value of $ 0.01 and liquidation preference $ 25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 shares Series B preferred for each common share. The exchange offer will expire at the end of the day at 5:00 p.m. New York time on January 21, 2022, unless extended or withdrawn.
The exchange offer is made pursuant to an exchange offer dated December 20, 2021 filed as an attachment to the Company’s Schedule TO, dated December 20, 2021, each having been filed with the Securities and United States Exchange Commission (the “SEC”) and further sets out the terms of the Exchange Offer and the Series B Preferred Shares, including certain conditions upon closing of the Exchange Offer. The Company has retained Computershare Trust Company, NA as depositary of the exchange offer and Georgeson LLC as information agent.
Copies of the exchange offer and related letter of transmittal are mailed to the shareholders of the company. Additional copies of the Exchange Offer and related Letter of Transmittal may be obtained at the Company’s expense from the Information Officer at (800) 676-0098 (toll free). Questions regarding the Exchange Offer should be directed to the Information Officer at (800) 676-0098 (toll free). Parties outside of the United States may contact the Information Officer at + 1-781-575-2137.
About the company
Performance Shipping Inc. is a global provider of shipping services through its ownership of Aframax tankers. The company’s current fleet is used for on-site trips, time charters and pool arrangements.
Certain information regarding the exchange offer
The information contained in this press release describing the Performance Shipping Inc. exchange offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the common shares of Performance Shipping Inc. as part of the exchange offer. The Exchange Offer is being made only pursuant to the Exchange Offer and related documents that Performance Shipping Inc. distributes to its shareholders, as may be amended or supplemented. SHAREHOLDERS ARE URGED TO READ THE EXCHANGE OFFER AND THE SCHEDULE TO BE FILED OR DEPOSITED WITH THE SEC CAREFULLY, AS THEY MAY BE CHANGED OR COMPLETED FROM TIME TO TIME BECAUSE THEY CONTAIN OR CONTAIN IMPORTANT INFORMATION THAT THE SHAREHOLDERS AND SERIES B INVESTORS OF THE COMPANY THE PREFERENCE SHARES SHOULD REVIEW BEFORE MAKING ANY DECISIONS REGARDING THE EXCHANGE OFFER, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER AND THE PREFERENCED SHARES B. Shareholders of Performance Shipping Inc. may obtain a free copy of the Exchange Offer and other documents attached to Schedule A that Performance Shipping Inc. files with the Securities and Exchange Commission on the Securities and Exchange Commission website at www. sec.gov. Shareholders may also obtain a copy of these documents, free of charge, from Georgeson LLC, the information agent for the exchange offer, toll free at (800) 676-0098. Shareholders are urged to read all of these documents carefully before making any decision regarding the exchange offer. Shareholders and investors who have questions or need assistance can call Georgeson LLC, the information agent for the exchange offer, toll free at (800) 676-0098. Parties outside of the United States may contact the Information Officer at + 1-781-575-2137.
No member of the Company, of its management or of its board of directors or of the information agent is making any recommendation as to whether or not the holders of common shares of the Company should participate in this offer. exchange.
Caution regarding forward-looking statements
The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe havens for forward-looking statements to encourage companies to provide forward-looking information about their activities. Forward-looking statements include, without limitation, statements regarding future plans, objectives, goals, strategies, events or performance, and underlying assumptions and other statements, which are other than statements of historical fact.
The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “plan”, “plan”, “’similar expressions, words or phrases can identify forward-looking statements.
The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, our management’s review of operating trends. historical data, data in our records and other data available from third parties. Although we believed 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 achieve those expectations, beliefs or projections.
In addition to these important factors, other important factors which, in our opinion, could cause actual results to differ materially from those discussed in the forward-looking statements include the completion of this exchange offer described in this press release. , strength of global economies, currency and interest rate fluctuations, general market conditions including fluctuations in charter rental rates and vessel values, changes in demand for our vessels , changes in the supply of ships, changes in the production, consumption and storage of oil around the world, changes in our operating expenses, including bunker prices, crew costs, dry dock and insurance costs, our future operating or financial results, the availability of financing and refinancing, changes in rules and regulations ns government or actions taken by regulatory authorities, potential liability for ongoing or future litigation, general national and international political conditions, duration and severity of epidemics and pandemics, including the ongoing epidemic of novel coronavirus (COVID-19) and its impact on the demand for maritime transport of petroleum and other types of products, changes in government rules and regulations or actions taken by regulatory authorities, potential liability for pending litigation or future, general national and international political conditions or events, including “trade wars”, acts of terrorists or acts of piracy on ocean-going vessels, potential disruption of maritime routes due to accidents, labor disputes or political events, ship breakdowns and non-hiring cases and other important factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.