Pyxis Tankers Inc (NASDAQ:PXS) has confirmed having entered into an agreement with a group of investors, which will involve the purchase of securities. The agreement outlines the issuance of 2,400,000 shares of common stock by Pyxis Tankers at a cost of $2.00 per share. The deal is expected to yield good gross proceeds to Pyxis Tankers of about $4.8 million before the deduction of placement offering expenses.
Pyxis Tankers, which seems to be making it big in business is an emerging growth pure play product tanker company. It is also engaged in the seaborne transportation of refined petroleum products such as fuel oil, gasoline, diesel, naphtha, and jet fuel among others.
The securities offered by Pyxis Tankers are not registered
The private placement of securities by Pyxis Tankers is expected to close before December 8, 2017, but on meeting customary closing conditions. However, the securities are not registered under the Securities Act of 1933. That means they may not be offered or sold in the United States.
Nonetheless, the company says it will file a registration statement with the Securities and Exchange Commission (the “SEC”). The registration will cover the resale of the shares of common stock. The company has also indicated that any resale registration statement will only be made by means of a prospectus.
About Pyxis Tankers
The company’s focus is on growing its fleet of medium-range product tankers. The move is expected to enhance operational flexibility, which will in return improve earning as a result of the eco features and modifications on the tankers. The company is looking up to its strong customer relationships, its experienced and competitive management team in expanding its market.
Meanwhile, Pyxis Tankers’ has released its unaudited results for the three and nine months ended September 30, 2017. According to Valentios Valentis, the company’s CEO and chairman, the results reflect some improvement compared to what was reported in 2016.
On the other hand, the company has had a disciplined, cost-effective operating structure of $5,747 daily operating expenses per vessel. Valentis says they are also excited about the improvement of the company’s charter rates, which are geared for a long-term improvement come 2018.