IMPP - Performance Shipping: Equity Offering Dilutes Common Shareholders At A 95% Discount To Net Asset Value - Sell
- Discussing onerous terms of last week's equity offering and updating net asset value estimates.
- Providing additional details on the company's recent exchange offer.
- Friday's sell-off will likely result in the requirement to conduct another reverse stock split next year.
- Expect the company to announce a new second-hand vessel acquisition soon.
- Going forward, Performance Shipping's common shares might still provide some decent trading opportunities from time to time but long-term investors shouldn't touch the stock with a ten-foot pole.
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Performance Shipping: Equity Offering Dilutes Common Shareholders At A 95% Discount To Net Asset Value - Sell