Pyxis Tankers Stock Price, News & Analysis

On June 16, 2021, Pyxis Tankers received a notification from Nasdaq indicating that its common shares closed below the minimum bid price of $1.00 for 30 consecutive business days, risking delisting. The Company has until December 13, 2021, to regain compliance by maintaining a closing bid price of $1.00 or higher for at least ten consecutive days. Options to cure this deficiency include considering a reverse stock split. Despite this, shares will continue to be traded on Nasdaq, and operations will not be affected during the compliance period.

Pyxis Tankers (PXS) reported Q1 2021 revenues at $5.2 million, down 21% from $6.6 million in Q1 2020. The company incurred a net loss of $2.1 million ($0.07 per share), worsening from a loss of $1.2 million ($0.06 per share) year-over-year. Adjusted EBITDA fell to $0.8 million, a decrease of $0.4 million compared to the same period in 2020. The average daily time charter equivalent (TCE) rate of $12,738 improved from spot market rates, with 100% of available days in Q2 2021 booked at $13,331. The firm aims for growth amid improving vessel supply and rising refined petroleum demand.

Pyxis Tankers Inc. (NASDAQ: PXS) announced it will release its unaudited first-quarter results for 2021 on June 2, before market opens. A conference call will follow at 8:30 a.m. Eastern Time to discuss the results. Participants can join by dialing in at specified numbers or listening via webcast on the company's website. Pyxis operates a fleet of five tankers focused on transportation of refined petroleum products and aims to expand its fleet to enhance earnings potential.

Pyxis Tankers Inc. (NASDAQ: PXS) announced a definitive agreement to acquire a medium-range product tanker for $20 million. The vessel, built in 2013 at the Hyundai Mipo shipyard, measures approximately 47,000 dwt. Funding will be sourced through a mix of bank debt and cash. The acquisition is expected to finalize during the summer of 2021, pending customary closing conditions. This strategic expansion aims to enhance operational flexibility and earnings potential for the company.

Pyxis Tankers Inc. (PXS) announced on April 12, 2021, the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2020, with the Securities and Exchange Commission. The report, accessible on their website, includes audited financial statements. Pyxis Tankers operates a fleet of five product tankers and aims to grow its fleet, leveraging operational flexibility and enhanced earnings potential. The company emphasizes its competitive cost structure and strong customer relationships, while cautioning that forward-looking statements may differ from actual results.

Pyxis Tankers (PXS) announced the successful refinancing of a $17 million loan secured by the Pyxis Epsilon. The new loan features an interest rate of Libor plus 3.35%, repayable over five years. CEO Valentios Valentis highlighted improvements in balance sheet leverage and a reduction in the company's weighted average interest rate from 7.1% to approximately 5%. The refinancing eliminates any scheduled senior loan maturities for the next two years, enhancing the company's financial stability.

Pyxis Tankers (PXS) reported unaudited financial results for Q4 2020, revealing net revenues of $4.5 million, a 38.4% decline from Q4 2019. The company experienced a net loss of $2.6 million with a loss per share of $0.12. TCE revenues dropped 41.9% to $3.6 million, attributed to reduced operating days and lower charter rates. The total funded debt stood at $53.6 million as of December 31, 2020. Looking forward, Pyxis Tankers is optimistic about a recovery in demand spurred by economic activity, aided by successful vaccine rollouts.

Pyxis Tankers Inc. (NASDAQ: PXS) is set to release its unaudited financial results for Q4 and the year ending December 31, 2020, after market close on March 24, 2021. A conference call will follow at 4:30 p.m. ET, where management will discuss the results. Participants are encouraged to join the call 10 minutes early using specified dial-in numbers. The call will also be available via webcast, with an archived version accessible shortly after its conclusion. Pyxis Tankers operates a fleet of five product tankers focused on the transportation of refined petroleum products.

Pyxis Tankers Inc. (PXS) has successfully closed a definitive securities purchase agreement, generating $25.0 million in gross proceeds. The company issued 14,285,715 shares of common stock at $1.75 each. Proceeds from this transaction will be allocated for general corporate purposes, including potential debt repayment and vessel acquisitions. ThinkEquity acted as the sole placement agent. The shares are unregistered under the Securities Act and will require a registration statement for resale.