PXSAP Pyxis Tankers Inc. - 7.75% Series A Cumulative Convertible Preferred
We will pay cumulative dividends on the Series A Preferred Shares from and including the date of original issuance in the amount of $1.9375 per share each year, which is equivalent to 7.75% of the $25.00 liquidation preference per share. Dividends on the Series A Preferred Shares will be payable monthly in arrears, beginning with the month ended October 31, 2020. To the extent declared by our Board of Directors, dividends will be payable not later than twenty (20) days after the end of each calendar month, starting on November 20, 2020. Beginning on October , 2023, we may, at our option, redeem the Series A Preferred Shares, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to the date of redemption. Each Series A Preferred Share is convertible into 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. The initial conversion price and the conversion price as adjusted are referred to as the “Conversion Price.” We may elect to automatically convert some or all of the Series A Preferred Shares into common shares if the closing price of the common shares has exceeded $2.38 (170% of the Conversion Price) for at least 20 out of 30 consecutive trading days ending within five trading days prior to the notice of automatic conversion, which we refer to as the “Market Trigger.” This security was issued by Pyxis Tankers Inc., whose common stock symbol is PXS.
$23.83 0.00 (0.00%)
As of 03/24/2023 00:00:00 EST IEX book CBOE book
Security Information
Category1: US Equity
Category2: Preferred stocks
Category3: Non-convertible
GICS sector: Industrials
Industry: Marine Shipping
Index country: Greece
Country of incorporation:
IPO date: 10/08/2020
Outstanding shares: 232,000
Average volume: 3,171
Market cap: $5,428,800
Current dividend yield: 8.28% calculation
Coupon rate: 7.750%
Cumulative: Yes
Liquidation value: $25.00
Callable after: 10/15/2023
Maturity date: n/a - perpetual
Prospectus: Read on SEC.gov
All SEC filings: SEC Edgar Online
Annual filings: 20-F
Sedol: