Performance Shipping Inc. filed a Form 6-K on November 2, 2026, announcing the repurchase and cancellation of four series of outstanding common share purchase warrants in separate individually-negotiated transactions with certain warrant holders.

Key Highlights

  • Class A Warrants: Up to 190,000 Class A Warrants repurchased at $0.20 per underlying common share.
  • July 2022 Warrants: Warrants to purchase up to 859,999 common shares repurchased at $0.60 per underlying common share.
  • August 2022 Warrants: Warrants to purchase up to 1,699,306 common shares repurchased at $0.60 per underlying common share.
  • Series B Warrants: Warrants issued March 3, 2023, covering up to 3,313,250 common shares repurchased at $0.60 per underlying common share.
  • Covenant compliance: The company disclosed the repurchases are "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."
  • Financial advisor: Maxim Group LLC is acting as financial advisor in connection with the warrant repurchase, according to the filing.

Performance Shipping Reduces Warrant Overhang Across Four Series

According to the Form 6-K filed by Performance Shipping Inc. (NASDAQ:PSHG), the company entered into separate individually-negotiated transactions with certain holders of its outstanding warrants to repurchase and cancel four distinct warrant series. The repurchase prices differed by series: $0.20 per common share underlying the Class A Warrants, and $0.60 per common share underlying each of the other three series repurchased.

Following the transactions, the company disclosed the remaining outstanding warrants. Class A Warrants covering up to 377,366 common shares at an exercise price of $15.75 per share remain outstanding. Warrants issued July 19, 2022, covering up to 173,333 common shares at $1.65 per share, and Warrants issued August 16, 2022, covering up to 422,916 common shares at $1.65 per share, also remain. In addition, Series A Warrants issued March 3, 2023, exchangeable for up to 14,300 common shares, and Series B Warrants issued March 3, 2023, covering up to 783,750 common shares at an exercise price of $2.25 per share, continue to be outstanding.

The filing, signed by Chief Executive Officer Andreas Michalopoulos, states that the repurchases comply with the company's financial covenants under its bank loan facilities, sale-and-leaseback agreements, and the bond terms of its 9.875% Senior Unsecured Bonds due 2029. The 6-K has been incorporated by reference into three of the company's registration statements on Form F-3, with effective dates of August 13, 2014, August 29, 2022, and May 21, 2026, respectively.

What Was Disclosed

Performance Shipping Inc. reported the repurchase and cancellation of warrants across four series, totaling up to approximately 6,062,555 underlying common shares, at prices of $0.20 or $0.60 per underlying share, with Maxim Group LLC serving as financial advisor.