Nasdaq-listed Pyxis Tankers is doing shareholders a favour by taking out its remaining convertible preferred stock in a buyback deal.
The Greek shipowner said it would redeem the last 303,631 outstanding shares of the issue, which pays a 7.75% coupon.
Chief executive Eddie Valentis said this will prevent the company from paying monthly dividends on the shares and “further reduce potential dilution on the basis of earnings and net asset value per share and improve share liquidity”.
