Pyxis Tankers Inc, a growth-oriented pure play product tanker company, today announced the pricing of its underwritten public offering (the “Offering”) of 200,000 Units at an offering price of $25.00 per Unit. Each Unit will immediately separate into one 7.75% Series A Cumulative Convertible Preferred Share (the “Preferred Shares”) and eight (8) warrants, each warrant exercisable for one common share (the “Warrants”), for a total of up to 1,600,000 common shares of the Company. Pyxis Tankers has granted the underwriters a 45-day option to purchase up to 30,000 additional Preferred Shares and/or 240,000 additional Warrants solely to cover over-allotments, if any.

Pyxis Tankers expects to receive gross proceeds of $5.0 million from the Offering, prior to deducting underwriting discounts and estimated offering expenses. The Company intends to use the approximately $4.4 million of net proceeds from the Offering, for general corporate purposes, including working capital, which can include potential vessel acquisition and repayment of debt.

Each 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. Each Warrant will entitle the holder to purchase one common share at an exercise price of $1.40 per share at any time prior to October 13, 2025. 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 November 20, 2020, to the extent declared by the board of directors of the Company. The Preferred Shares will not be redeemable for a period of three years from issuance, except upon change of control.

The Offering is expected to close on October 13, 2020, subject to the satisfaction of customary closing conditions. The Preferred Shares and Warrants are expected to begin trading on Nasdaq Capital Market on October 8, 2020 under the symbols “PXSAP” and “PXSAW,” respectively.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the Offering.
Source: Pyxis Tankers Inc.