PSHG - Performance Shipping plunges on $12.5M in stock and warrant offering
- Performance Shipping ( NASDAQ: PSHG ) entered into a securities purchase agreement with several institutional investors to purchase ~5.56M shares, Series A warrants to purchase 3.6M shares and Series B warrants to purchase 4.17M shares at purchase price of $2.25/share along with warrants in registered direct offering.
- Warrants will be immediately exercisable and will expire five years from issuance date; it will have an initial exercise price of $2.25/share.
- Gross proceeds from the offering are estimated to be ~$12.5M.
- Offer is expected to close on or about Mar.3, 2023.
- Shares eroded 61% in premarket trade.
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Performance Shipping plunges on $12.5M in stock and warrant offering