- 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
For further details see:
Performance Shipping slides on equity offering