Performance Shipping Inc. Announces Preliminary Results of its Offer to Exchange Up to 4,066,181 Common Shares for Series B Convertible Cumulative Perpetual Preferred Shares

Performance Shipping Inc., a global shipping company specializing in tanker ownership, today announced the preliminary results of its previously announced offer to exchange up to 4,066,181 of its currently issued and outstanding common shares of the Company, with a par value of $0.01 per share (the “Common Shares”), for the newly issued shares of the Company’s Convertible Convertible Perpetual Preferred Shares Series B, with a par value of 0.01 $ and a liquidation preference of $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Shares for each Common Share Share (the “Exchange Offer”) . The exchange offer expired at 5:00 p.m., New York time, on Thursday, January 27, 2022.

Based on a preliminary count made by Computershare Trust Company, NA, the exchange agent for the exchange offer, the total number of common shares tendered under the exchange offer was 2,834 612 common shares, which would result in the issuance by the Company of approximately 793,691 Series B Preferred Shares. The number of Common Shares accepted for exchange by the Company and the aggregate number of Series B Preferred Shares to be issued in exchange therefor are preliminary and subject to final confirmation by the Trading Agent. exchange. The final results of the exchange offer will be announced shortly after the completion of the confirmation process.

The issuance of Series B Preferred Shares for Common Shares which are accepted for exchange will be effected pursuant to the terms of the Exchange Offer promptly following final confirmation of the number of Common Shares tendered and taking into account adjustments to avoid the issuance of fractional Series B Preferred Shares.
Source: Performance Shipping Inc.

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