Pyxis Tankers announces agreement to acquire vessel, expands repurchase program

Pyxis Tankers announced key strategic and financial actions to further enhance its shareholder value. The Company has entered into an agreement with a group of sellers, including the Company’s Chairman and Chief Executive Officer, Eddie Valentis, to acquire, through a joint venture, an eco-efficient Kamsarmax, dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system. The purchase price of the Vessel, the “Konkar Venture”, is $30.0 million, which, in conjunction with Vessel working capital and transaction fees and expenses, is expected to be funded by $16.5 million of bank debt, $13.2 million of total cash and the new issuance of $1.5 million of restricted common shares of the Company. After a comprehensive review of the results of the Company’s common share re-purchase program over the past year, the Company’s board of directors approved an increase of $1.0 million in incremental common share repurchase authority for a period of 12 months expiring on May 16, 2025, bringing the Company’s total share repurchase authority to $1.4 million. The common share repurchase program does not require the Company to purchase a specific number or amount of common shares, and may be suspended or re-instated at any time at the Company’s discretion and without notice. The initial $2.0 million program was put in place in May, 2023, and as of May 16, 2024, the Company had spent a total of $1.6 million, including commissions, to acquire a total of 415,371 common shares of the Company.