Pyxis: Closing of $6.17 Million Follow-on Public Offering of Convertible Preferred Shares


Pyxis Tankers announced the closing of its previously announced underwritten public offering of 308,487 shares of 7.75% Series A Cumulative Convertible Preferred Shares which trade on the Nasdaq Capital Market under the symbol “PXSAP,” at a purchase price of $20.00 per Preferred Share.

Pyxis Tankers received gross proceeds of approximately $6.17 million from the Offering, prior to deducting underwriting discounts and estimated offering expenses. The Company intends to use the approximately $5.56 million of the net proceeds from the Offering for general corporate purposes, including working capital and potential vessel acquisitions.

Each Preferred Share is convertible into the Company’s common shares at a conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments. If the trading price of Pyxis Tankers’ common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call for mandatory conversion of the Preferred Shares. Dividends on the Preferred Stock shall be cumulative and paid monthly in arrears starting August 20, 2021, to the extent declared by the board of directors of the Company. The Preferred Shares will not be redeemable until after October 13, 2023, except upon change of control.

ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the Offering.



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