Pyxis Tankers Announces Joint Venture Agreement to Acquire Modern Dry-Bulk Vessel, Expansion of Common Share Repurchase Program & Partial Redemption of Series A Cumulative Convertible Preferred Stock

Core Viewpoint - Pyxis Tankers Inc. is taking strategic and financial actions to enhance shareholder value, including the acquisition of a new vessel and a share repurchase program [1][2]. Financial Actions - The company has approved the acquisition of the "Konkar Venture," a Kamsarmax dry-bulk vessel built in 2015, for $30 million, with funding from $16.5 million in bank debt, $13.2 million in cash, and $1.5 million in restricted shares [2][3]. - The company has repurchased 415,371 common shares, representing approximately 9% of its public common shares, as part of its share repurchase program initiated a year ago [3]. - The board has increased the share repurchase authority by $1 million, bringing the total to $1.4 million, with the program set to expire on May 16, 2025 [3]. Joint Venture and Management - The company will own 60% of the joint venture for the "Konkar Venture," while the remaining 40% will be owned by a company related to the Chairman, who will reinvest $5.9 million in cash [2][3]. - The vessel will be managed by Konkar Shipping Services, S.A., minimizing acquisition risk and ensuring smooth operational integration [2]. Preferred Shares Redemption - The company plans to redeem 100,000 shares of its Series A Cumulative Convertible Preferred Stock on June 20, 2024, which will reduce monthly cash dividend payments and further decrease dilution [3][4].