Pyxis Tankers announces full redemption of Series A convertible preferred stock

Pyxis Tankers announced key shareholder and chartering updates. On September 6, 2024, the Company’s Board of Directors approved the redemption of the remaining 303,631 outstanding shares of our 7.75% Series A Cumulative Convertible Preferred Stock with a redemption date of October 20, 2024. Pursuant to the certificate of designation relating to the Preferred Shares, the redemption price is 100% of the liquidation preference of the Preferred Shares of $25.00, plus accrued dividends up to, but not including the Redemption Date. Upon redemption, all outstanding PXSAP shares will be cancelled by the Company and cash dividends in respect of these shares will no longer be payable. After the redemption of the remaining 303,631 Preferred Shares, the right to convert into 1,354,204 common shares will be extinguished. The information contained in this press release does not constitute a notice of redemption by the Company with respect to the Preferred Shares under the Certificate of Designation, which will be distributed in advance to the holders of the Preferred Shares by Vstock Transfer, LLC, the paying agent for the Preferred Shares. During the third quarter through September 10, 2024, the Company has repurchased 65,793 of its common shares in the open market at an aggregate purchase price of $0.3 million. Since the start of the share repurchase program in May, 2023, the Company has acquired a total of 481,164 PXS shares at an average cost of $4.06 per share, including commissions. There is $1.0 million of authorization remaining under the expanded $3.0 million program which expires in May, 2025. The common share repurchase program does not require the Company to purchase a specific number or amount of common shares, and may be suspended or re-instated at any time at the Company’s discretion and without notice. As of September 10, 2024, there were 10,660,831 common shares of the Company outstanding. As of September 10, 2024, 91% of available days in the third quarter, 2024 for our MR product tankers were booked at an average estimated daily time charter equivalent rate (of $31,545 per vessel. As of the same date, 87% of available days in Q3 for our bulkers were booked at an average estimated daily TCE of $17,641.