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Performance Shipping Inc. Announces Pricing Of $15 Million Registered Direct Offering

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced today that it has entered into a securities purchase agreement (the “Agreement”) with several institutional investors to purchase approximately 33,333,333 of its common shares and warrants to purchase 33,333,333 common shares at a purchase price of $0.45 per common share and accompanying warrant in a registered direct offering (the “Offering”). The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an initial exercise price of $0.45 per common share. The gross proceeds to the Company from the Offering are estimated to be approximately $15.0 million before deducting the placement agent’s fees and other Offering expenses.

Maxim Group LLC is acting as the sole placement agent in connection with the Offering. The Offering is expected to close on or about August 16, 2022, subject to the satisfaction of customary closing conditions.
Source: Performance Shipping Inc.

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