Performance Shipping Inc. filed a Form 6-K on November 4, 2026, disclosing an agreement to repurchase and cancel Series B Warrants covering up to 253,500 common shares at a price of $0.60 per underlying common share.

Key Highlights

  • Warrants repurchased: Series B Warrants issued March 3, 2023, covering up to 253,500 common shares, agreed to be repurchased and cancelled.
  • Repurchase price: $0.60 per common share underlying the Series B Warrants.
  • Covenant compliance: According to the filing, the repurchase "is in compliance with the Company's financial covenants under its bank loan facilities and sale-and-leaseback agreements, as well as the bond terms of its 9.875% Senior Unsecured Bonds due 2029."
  • Remaining Series B Warrants: After the transaction, Series B Warrants to purchase up to 530,250 common shares at an exercise price of $2.25 per common share remain outstanding.
  • Financial advisor: Maxim Group LLC is acting as financial advisor in connection with the warrant repurchase.
  • Other warrants outstanding: Class A Warrants covering up to 377,366 shares at $15.75, July 2022 warrants covering up to 173,333 shares at $1.65, August 2022 warrants covering up to 422,916 shares at $1.65, and Series A Warrants exchangeable for up to 14,300 common shares also remain outstanding.

Performance Shipping Cancels Portion of Series B Warrants Amid Outstanding Warrant Portfolio

Performance Shipping Inc., an Athens, Greece-based company listed on NASDAQ:PSHG, disclosed through its Form 6-K report for the month of November 2026 that it reached an agreement with a certain warrant holder to repurchase and cancel a portion of its Series B Warrants. The warrants in question were originally issued on March 3, 2023, and covered the purchase of up to 253,500 common shares. The agreed repurchase price is $0.60 per common share underlying those warrants.

According to the filing, the transaction is described as being in compliance with the company's financial covenants across its bank loan facilities, sale-and-leaseback agreements, and the bond terms of its 9.875% Senior Unsecured Bonds due 2029. Maxim Group LLC is serving as financial advisor in connection with the repurchase.

Following the transaction, the company disclosed its remaining outstanding warrant portfolio. This includes Class A Warrants for up to 377,366 common shares at an exercise price of $15.75 per share; warrants issued July 19, 2022, for up to 173,333 shares at $1.65 per share; warrants issued August 16, 2022, for up to 422,916 shares at $1.65 per share; Series A Warrants issued March 3, 2023, exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, for up to 530,250 common shares at $2.25 per share. The filing was signed by Chief Executive Officer Andreas Michalopoulos.

What Was Disclosed

Performance Shipping Inc. reported an agreement to repurchase and cancel Series B Warrants covering 253,500 common shares at $0.60 per underlying share, identified the company's remaining outstanding warrant classes, and confirmed the transaction's compliance with existing financial covenants.