Pyxis to price add-on to 7.75% series A cumulative convertible preferred shares

By Abigail W. Adams

Portland, Me., July 12 – Pyxis Tankers Inc. plans to price an add-on to its par-of-$25 7.75% series A cumulative convertible preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

ThinkEquity is the bookrunner for the registered offering.

The conversion price is $1.40 and the conversion ratio is 17.86 shares per one preferred share.

The preferred stock is redeemable on or after Oct. 13, 2023. They are subject to a mandatory conversion if stock exceeds 170% of the conversion price for 20 out of 30 consecutive trading days.

Proceeds will be used for general corporate purposes.

Pyxis initially priced a $5 million offering of the series A convertible preferred shares on Oct. 8, 2020.

Pyxis Tankers is a Maroussi, Greece-based maritime transportation company.

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