Diana Shipping (NYSE: DSX) president updates indirect share and warrant holdings
Rhea-AI Filing Summary
DIANA SHIPPING INC. president Ioannis Zafirakis filed an amended Form 3 to detail his indirect holdings in the company through Abra Marinvest Inc. The filing reports warrants indirectly held through Abra that are currently exercisable for 1,681,470 shares of common stock.
It also shows indirect ownership of 3,253,408 common shares, including 1,823,780 unvested shares awarded under the company’s 2014 Equity Incentive Plan, and 84,458 Series B Preferred Shares. Each Series B preferred share carries a $25.00 initial liquidation preference plus accumulated and unpaid dividends.
Positive
- None.
Negative
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Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Zafirakis Ioannis
Role
President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Warrants | -- | -- | -- |
| holding | Common Stock, $0.01 par value per share | -- | -- | -- |
| holding | Series B Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Warrants — 1,681,470 shares (Indirect, See footnote);
Common Stock, $0.01 par value per share — 3,253,408 shares (Indirect, See footnote);
Series B Preferred Shares — 84,458 shares (Indirect, See footnote)
Footnotes (4)
- F1. The shares are held by the Reporting Person indirectly through Abra Marinvest Inc. ("Abra") as the result of his ability to control the vote and disposition of Abra. This amount includes 1,823,780 shares awarded to the Reporting Person pursuant to the Issuer's 2014 Equity Incentive Plan (as amended and restated), which are currently unvested.
- F2. On December 14, 2023, the Issuer distributed a dividend to all shareholders as of the record date, December 6, 2023 (the "Warrant Distribution"). The Issuer distributed one-fifth of a warrant for each issued and outstanding Common Share. The Reporting person currently owns 1,000,000 warrants through Abra in the Warrant Distribution which entitles him to 1,681,470 shares of common stock issuable upon the exercise of the warrants.
- F3. The shares are held by the Reporting Person indirectly through Abra as the result of his ability to control the vote and disposition of Abra.
- F4. Each share of 8.875% Series B Cumulative Redeemable Perpetual Preferred Shares ("Series B Preferred Shares") is entitled to a liquidation preference in an amount initially equal to $25.00 per share in cash, plus an amount equal to accumulated and unpaid dividends thereon to the date fixed for payment of such amount (whether or not declared) upon the occurrence of liquidation, dissolution or winding up of the affairs of the Issuer, whether voluntary or involuntary, in accordance with the provisions set forth in the Issuer's Statement of Designation of the Series B Preferred Shares of the Issuer, filed as an exhibit to the Issuer's annual report on Form 20-F.
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FAQ
What does the DIANA SHIPPING INC. (DSX) amended Form 3 report for Ioannis Zafirakis?
The amended Form 3 reports Ioannis Zafirakis’ indirect holdings in DIANA SHIPPING INC. through Abra Marinvest Inc., including common shares, Series B Preferred Shares, and warrants exercisable for common stock, clarifying his indirect voting and disposition control over these securities.
What warrant position in DIANA SHIPPING INC. (DSX) is disclosed for Ioannis Zafirakis?
The filing discloses warrants indirectly held through Abra Marinvest Inc. that are exercisable for 1,681,470 DIANA SHIPPING INC. common shares. The footnotes explain these warrants arose from a prior warrant distribution to shareholders based on existing common share ownership.
What is notable about the unvested DIANA SHIPPING INC. (DSX) equity held for Ioannis Zafirakis?
Within his indirect common share position, 1,823,780 shares were awarded under DIANA SHIPPING INC.’s 2014 Equity Incentive Plan and remain unvested. These unvested awards represent a significant portion of his reported common share holdings through Abra Marinvest Inc.