PSHG - Performance Shipping announces ~$8.0M underwritten public offering

Shipping company Performance Shipping (NASDAQ:PSHG) is pricing an underwritten public offering of 7.62M units at $1.05 per unit. The gross proceeds are expected to be ~$8.0M. Each unit consists of 1 common share (or pre-funded warrant in lieu thereof) and 1 class A warrant to purchase 1 common share. Each class A warrant is immediately exercisable for 1 common share at an exercise price of $1.05 per share and expires in 5 years from issuance. The offering is expected to close on or about Jun. 1. Maxim Group LLC is the sole book-running manager for the offering. The underwriter will have a 45-day option to purchase up to an additional 1.14M common shares and/or pre-funded warrants and/or 1.14M class A warrants. Shares were trading -59.69% pre-market. Source: Press Release

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Performance Shipping announces ~$8.0M underwritten public offering