Pyxis Tankers Stock Price, News & Analysis

Pyxis Tankers (PXS) has announced it has regained compliance with NASDAQ listing requirements regarding minimum bid price. Previously notified on July 2, 2020, for noncompliance with the $1.00 minimum bid price, the company was granted a 180-day extension to rectify this. The closing bid price remained at or above $1.00 from January 28 to February 16, 2021. NASDAQ has now confirmed that PXS meets the listing rules, closing this compliance matter. The company, focused on product tanker operations, aims to expand its fleet and enhance market presence.

Pyxis Tankers (NASDAQ: PXS) announced that CEO Eddie Valentis will present at the Noble Capital Markets’ Seventeenth Annual Investor Virtual Conference on January 20, 2020, at 1:30 PM EST. The conference is free for all investors to attend. A high-definition video webcast of the presentation will be available on January 21 on the company’s website and Noble Capital Markets’ site. Pyxis Tankers operates a fleet of five tankers focused on transporting refined petroleum products and is committed to enhancing operational flexibility and maximizing fleet growth.

Pyxis Tankers Inc. (NASDAQ: PXS) reported a net loss of $1.9 million, or $0.09 per share, for Q3 2020, a substantial increase from a $0.8 million loss in Q3 2019. Revenues fell to $5.1 million, down 30.6% year-over-year. TCE revenues dropped 29.3% to $4.4 million due to reduced operating days, reflecting fleet adjustments. Despite these challenges, the company secured a $3.7 million loan and raised $4.3 million from a convertible preferred share offering. The outlook remains volatile due to COVID-19 impacts, although some recovery is anticipated. Ongoing strategic charters and effective cost management are key initiatives.

Pyxis Tankers Inc. (NASDAQ: PXS) announced its upcoming earnings release for Q3 2020, scheduled for November 13, 2020, after market close. A conference call will follow at 4:30 PM ET to discuss the results. Participants can join via various toll-free numbers or through a webcast available on their website. The company operates a modern fleet of five tankers, focusing on growth and operational flexibility in the refined petroleum sector. For more information, visit www.pyxistankers.com.

On November 2, 2020, Pyxis Tankers declared a monthly dividend of $0.1991 per share on its 7.75% Series A Cumulative Convertible Preferred Stock (PXSAP), scheduled for payment on November 20, 2020. Shareholders of record as of November 13, 2020 will receive this dividend. The company, focused on expanding its fleet of medium-range product tankers, aims to enhance operational flexibility and earnings potential. Pyxis Tankers emphasizes strong customer relationships and a competitive cost structure as key elements of their growth strategy.

Pyxis Tankers Inc. has successfully closed its public offering of 200,000 Units at $25 each, generating gross proceeds of $5.0 million. Each Unit consists of one 7.75% Series A Cumulative Convertible Preferred Share and eight warrants, capable of yielding up to 1.6 million common shares. The net proceeds of approximately $4.4 million will be utilized for general corporate purposes, including working capital and potential vessel acquisition. Additionally, a partial exercise of the underwriter’s overallotment option was announced for 135,040 Warrants.

On October 8, 2020, Pyxis Tankers Inc. (NASDAQ: PXS) announced the pricing of a public offering of 200,000 Units at $25.00 each, aiming for gross proceeds of $5 million. Each Unit consists of one 7.75% Series A Cumulative Convertible Preferred Share and eight Warrants, convertible into up to 1,600,000 common shares. The net proceeds of approximately $4.4 million will fund general corporate purposes such as working capital and vessel acquisition. The offering is set to close on October 13, 2020, subject to customary conditions.

Pyxis Tankers Inc. (PXS) reported a net loss of $1.2 million for Q2 2020, improving from a loss of $1.6 million in Q2 2019. Revenues decreased by 15% to $5.5 million due to reduced fleet size after selling the Pyxis Delta. The company achieved an average Time Charter Equivalent (TCE) rate of $14,800/day. Adjusted EBITDA was $1.1 million, down from $1.3 million year-over-year. Despite market volatility, PXS has secured 62% of available third-quarter days at an average rate of $15,125. Operating expenses, including vessel costs, declined substantially.

Pyxis Tankers Inc. (NASDAQ: PXS) announced its intention to release unaudited Q2 results for the period ended June 30, 2020, on August 10, 2020, after market close. A conference call will follow at 4:30 p.m. Eastern Time, and participants are encouraged to dial in 10 minutes early. The call can also be accessed via a webcast on the company's website. Pyxis Tankers owns five modern tankers specializing in refined petroleum transport and aims to enhance its fleet with eco-friendly features to improve earnings.