Pyxis Tankers publishes presentation on 7% Series B cumulative convertible preferred shares

Pyxis Tankers outlined terms for its 7.0% Series B Cumulative Redeemable Perpetual Convertible Preferred Stock, listed on Nasdaq as PXSBP.

• Dividend set at 7.0% on a USD 25 liquidation preference, equal to USD 1.75 per share annually, paid monthly in arrears when declared.
• Holders can convert at USD 15 per common share, equal to 1.667 common shares per preferred share.
• The company can force conversion if the common share price is at least USD 22.5 for 20 of 30 consecutive trading days.
• Redemption option begins on the third anniversary at USD 25 per share plus accrued dividends; change-of-control redemption ranges from USD 26.63 to USD 25.