ATHENS, Greece, March 27, 2020 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has redeemed all of its issued and outstanding Series C Preferred Shares from Diana Shipping Inc., for an aggregate purchase price of US$1.5 million. The Series C Shares, which were issued to Diana Shipping Inc. under a then-existing credit facility in exchange for a reduction of indebtedness of US$3.0 million, conveyed 250,000 votes per Series C share. The Series C Shares have effectively been cancelled by the Company.
Separately, the Company also announced that, as of the opening of trading on Monday, March 30, 2020, it will commence trading on the Nasdaq Capital Market under the ticker symbol “PSHG”. Commenting on the recent changes, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, stated:“The Company is pleased to have redeemed all of its Series C voting shares, which marks an important step in simplifying the Company’s outstanding securities and enabling the pursuit of a differentiating business strategy with an independent management team. Additionally, the transfer of the ticker symbol to ‘PSHG’ and the previously completed name change reflect the Company’s ongoing focus on becoming a pure tanker owning company.” About the CompanyPerformance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on spot charters with leading charterers.Cautionary Statement Regarding Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.Corporate Contact:
Andreas Michalopoulos
Director, Deputy Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary
Telephone: +30-216-600-2400
Email: Website: www.pshipping.com Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:
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