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Pyxis Tankers Inc., a Marshall Islands-based tanker and dry-bulk owner, plans a primary offering of 800,000 shares of 7% Series B Cumulative Redeemable Perpetual Convertible Preferred Stock at $25.00 per share, plus the underlying 1,333,600 common shares and securities tied to underwriters’ warrants. The preferred carries a $25.00 liquidation preference, pays cumulative cash dividends of $1.75 per share per year (7%), and is convertible at a $15.00 Conversion Price, or 1.667 common shares per preferred share, with an issuer call feature from 2029 and an automatic conversion option if the common share price meets a $22.50 Market Trigger.
Net proceeds are estimated at $18.3 million (about $21.1 million with full over-allotment), for general corporate purposes including potential vessel acquisitions and newbuilds. As of March 31, 2026, Pyxis reported total assets of $193.7 million, total funded debt of $85.2 million, and cash, restricted cash and time deposits of $55.7 million. First-quarter 2026 revenues were $9.98 million with net income of $2.53 million. The six-vessel fleet (three MR product tankers and three dry-bulk carriers) is employed mainly on short- to medium-term time charters. Recent loan amendments with Piraeus Bank extended maturities and reduced margins, while geopolitical risks in the Middle East and Ukraine continue to influence trade routes and certain operating costs.
Pyxis Tankers Inc. is offering 800,000 Series B Preferred Shares at $25.00 per share, convertible into 1,333,600 common shares at a $15.00 conversion price (1.667 common shares per preferred). Dividends accrue at $1.75 per share per year (7%) payable monthly beginning July 31, 2026. The offering includes a 45-day 15% overallotment option and 1% underwriter warrants exercisable for preferred shares. Net proceeds are expected to be approximately $18.3 million (or $21.1 million if over-allotment exercised) for general corporate purposes, including potential vessel acquisitions and newbuilds. The offering is contingent on Nasdaq listing approval for the Series B Preferred Shares under symbol PXSBP.
Pyxis Tankers Inc. filed an initial Form 3 for Chief Financial Officer Fotios Giannakoulis. This Form 3 serves as his initial statement as an insider at the company and, based on the available data, does not report any share transactions or derivative positions.
Pyxis Tankers Inc. is offering 800,000 shares of 7% Series B Cumulative Redeemable Perpetual Convertible Preferred Stock at $25.00 per share. The prospectus states estimated net proceeds of approximately $18.3 million (or $21.1 million if the underwriters’ 15% overallotment is exercised). Each Series B Preferred Share pays a cumulative dividend of $1.75 per year (7% of the $25.00 liquidation preference) payable monthly and is convertible at a Conversion Price of $15.00 per common share (initially 1.667 common shares per preferred). The issuer may effect an automatic conversion upon a market trigger and may redeem beginning in 2029. The offering proceeds are described for general corporate purposes, including potential vessel acquisitions and newbuilds.
Pyxis Tankers Inc. reported much stronger results for the first quarter of 2026. Revenues, net, rose to $10.0 million from $9.6 million a year earlier, helped by higher overall time charter equivalent (TCE) revenues.
Net income attributable to common shareholders increased to $2.4 million from $0.8 million, with basic and diluted earnings per share rising to $0.23 from $0.07. Adjusted EBITDA grew to $5.4 million from $3.5 million, reflecting better fleet utilization, lower voyage-related costs and lower vessel operating expenses per day.
Dry-bulk daily TCE improved to $19,601 from $13,013, while MR tanker TCE declined to $18,944 from $23,593. As of March 31, 2026, total funded debt was $85.2 million, and cash, restricted cash and short-term time deposits totaled $55.7 million. The company continued share repurchases and reported a director resignation for personal reasons after the quarter.
Pyxis Tankers Inc. announced a planned Chief Financial Officer transition. Current CFO Henry Williams will step down at the end of April 2026, and Fotis Giannakoulis, who has 25 years of ship finance experience, will become CFO effective May 1, 2026.
The company highlights Giannakoulis’s background as a lender, research analyst and investment banker at institutions including Morgan Stanley, Fearnleys and ABN AMRO. Pyxis Tankers operates a fleet of six eco-efficient vessels transporting refined petroleum products and dry-bulk commodities and indicates it aims to pursue its next phase of growth with this leadership change.
Pyxis Tankers Inc. has called its 2026 Annual Meeting of Shareholders for May 14, 2026 at 10:00 a.m. EST in New York. Shareholders will vote on electing two Class III directors, Robin P. Das and Basil G. Mavroleon, to three-year terms ending at the 2029 annual meeting.
The record date is April 2, 2026, when 10,230,963 common shares were outstanding, each carrying one vote. Chairman and CEO Valentios Valentis beneficially owns about 58.7% of the common shares and has indicated he will vote for the proposal, effectively ensuring quorum and approval. Shareholders can vote by mail, internet, telephone, or in person, subject to identification and ownership verification.
Pyxis Tankers Inc. Chief Operating Officer Konstantinos Lytras filed an amended initial ownership report. The filing shows he directly holds 34,078 shares of Pyxis Tankers common stock. This is a holdings disclosure only and does not report any new purchases, sales, or option exercises.
Pyxis Tankers Inc., a Marshall Islands tanker and dry-bulk owner listed on the Nasdaq Capital Market under the symbol PXS, files its annual report for the year ended December 31, 2025, with 10,418,859 common shares outstanding as of that date.
The report emphasizes extensive risk factors tied to geopolitical conflicts, sanctions, ESG expectations, tighter environmental rules and the cyclical, volatile nature of product tanker and dry-bulk charter markets. It notes that as of April 1, 2026, one tanker, the Pyxis Karteria, is safely anchored outside Iraq under time charter, incurring over $4,000 per day of extra crew costs while awaiting safe passage through the Strait of Hormuz, with no clarity on timing or cost recovery.
Pyxis Tankers Inc. Chief Operating Officer Konstantinos Lytras has filed an initial ownership report on Form 3. The filing shows he directly holds 29,094 shares of the company’s common stock, establishing his reported equity stake as an executive officer.