PSHG - Performance Shipping slides on equity offering

• Performance Shipping ( NASDAQ: PSHG ) announced direct offering to purchase approximately $5.95M of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement.
• The combined effective purchase price for one common share and one warrant to purchase one common share will be $0.35.
• Under the terms of the Agreement, the Company has agreed to sell 17,000,000 common shares.
• In a private placement, which will be consummated concurrently with the registered offering, the Company has also agreed to issue warrants to purchase up to an aggregate of 17,000,000 common shares.
• The warrants will be immediately exercisable, will expire five and a half years from the date of issuance and will have an initial exercise price of $0.35 per common share.
• Closing date is July 19, 2022.
• This fall coincides with fall on the news of receiving Nasdaq notification regarding minimum bid price requirement .
• PSHG is -56% to $0.24.
• Source: Press Release

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