Performance Shipping (PSHG) Prices Direct Offering at $0.35/Share with Warrants

Performance Shipping Inc. (NASDAQ: PSHG) announced today that it has entered into a securities purchase agreement with several institutional investors to purchase approximately $5.95 million of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement. The combined effective purchase price for one common share and one warrant to purchase one common share will be $0.35.

Under the terms of the Agreement, the Company has agreed to sell 17,000,000 common shares. In a private placement, which will be consummated concurrently with the registered offering, the Company has also agreed to issue warrants to purchase up to an aggregate of 17,000,000 common shares. The warrants will be immediately exercisable, will expire five and a half years from the date of issuance and will have an initial exercise price of $0.35 per common share.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

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