Preferred Stock Channel
Pyxis Tankers Inc | 7.75% Series A Cumulative Convertible Preferred Shares (PXSAP)

Prospectus excerpt:  We are offering on a firm commitment basis 200,000 units of Pyxis Tankers Inc. (the “Units”) at a price of $25.00 per Unit, with each Unit consisting of (i) one 7.75% Series A Cumulative Convertible Preferred Share, par value $0.001 per share (the “Series A Preferred Shares”), and (ii) eight warrants (the “Warrants”). Each Warrant will entitle the holder to purchase one common share, par value $0.001 per share, at an exercise price of $1.40 per share. The Series A Preferred Shares and Warrants included in the Units can only be purchased together in this offering, but the securities contained in the Units are immediately separable and will be issued separately. The offering also includes the common shares issuable from time to time upon exercise of the Warrants and conversion of the Series A Preferred Shares.

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Series:A
Redeemable?:Yes
Call Date:10/13/2023 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Conversion Ratio:17.86
Conversion Price:$5.60
Shares Offered:200,000
Liquidation Preference:$25.00
Recent Market Price:$24.60
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-0.40 (-1.60%)
Annualized Dividend:1.938
Recent Ex-Date:4/11/2024
Current Yield:7.88%
Original Coupon:7.75%
Pay Period:Monthly
CDx3 Compliance Rating: Learn PXSAP's Rating
Pyxis Tankers is a holding company. Through its subsidiaries, Co. is engaged as an international maritime transportation company focused on the product tanker sector. Co.'s fleet is comprised of double hull product tankers, which are employed under a mix of spot and medium-term time charters. Some of the vessels in the fleet are medium range tankers and some are short-range tanker sister ships. Each of the vessels in the fleet has International Maritime Organization certifications and is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel and fuel oil, as well as other liquid bulk items, such as vegetable oils and organic chemicals.

Preferred: PXSAP


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Name:  Pyxis Tankers Inc
Website:  www.pyxistankers.com
Sector:  Shipping

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