Pyxis Tankers Announces Closing of $5.0 Million Public Offering of Convertible Preferred Shares & Warrants

Maroussi, Greece, October 13, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS, PXSAP, PXSAW) (the “Company” or “Pyxis Tankers”), a growth-oriented pure play product tanker company, today announced the closing of its previously announced underwritten public offering (the “Offering”) of 200,000 Units at an offering price of $25.00 per Unit.  Each Unit is immediately separable 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. The Preferred Shares and Warrants trade on Nasdaq Capital Market under the symbols “PXSAP” and “PXSAW,” respectively.  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. The Company also announced today the partial exercise of the underwriter’s overallotment option for 135,040 Warrants. Pyxis Tankers received 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.ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the Offering.
The press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement on Form F-1 (File No. 333-245405) relating to this Offering, including a final prospectus, has been filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and is available at the SEC’s website at The final prospectus related to the Offering was filed with the SEC; copies of which may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, N.Y., 10004, by telephone at (877) 436-3673, by email at [email protected].
About Pyxis Tankers Inc.We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. Pyxis Tankers is positioned to opportunistically expand and maximize the value of its fleet due to competitive cost structure, strong customer relationships and an experienced management team, whose interests are aligned with those of its shareholders. For more information, visit: The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this press release.
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