Mango Shipping Corp. Ups Stake in Performance Shipping

TL;DR

Mango Shipping Corp. now owns 4.9% of Performance Shipping Inc. after filing an amendment.

AI Summary

Mango Shipping Corp. filed an amendment (No. 3) to its Schedule 13D on March 20, 2024, concerning Performance Shipping Inc. The filing indicates a change in beneficial ownership, with Mango Shipping Corp. now holding 1,500,000 shares, representing 4.9% of the outstanding common stock. This filing follows a previous amendment where the beneficial ownership was 0%.

Why It Matters

This filing signals a potential shift in control or influence for Performance Shipping Inc., as a significant entity increases its ownership stake. Investors will monitor future actions by Mango Shipping Corp.

Risk Assessment

Risk Level: medium — An increase in beneficial ownership by a single entity can indicate strategic intentions, potentially leading to volatility or changes in company direction.

Key Numbers

• 4.9% — Ownership Stake (Mango Shipping Corp.'s new beneficial ownership percentage in Performance Shipping Inc.)
• 1,500,000 — Number of Shares (Total shares held by Mango Shipping Corp.)
• 0% — Previous Ownership (Mango Shipping Corp.'s beneficial ownership prior to this amendment.)

Key Players & Entities

• Mango Shipping Corp. (company) — Filing entity increasing ownership
• Performance Shipping Inc. (company) — Subject company
• Aliki Paliou (person) — Person authorized to receive notices
• 1,500,000 shares (dollar_amount) — Shares owned by Mango Shipping Corp.
• 4.9% (dollar_amount) — Percentage of outstanding stock owned by Mango Shipping Corp.

FAQ

Key Financial Figures

• $0.01 — of Issuer) Common Shares, par value US$0.01 per share (Title of Class of Securitie
• $25.00 — the Series C Liquidation Preference of $25.00 per Series C Preferred Share, plus the
• $1.3576 — rsion, divided by a conversion price of $1.3576 per Common Share. As of March 19, 2024,
• $25 — entitled to receive a payment equal to $25, plus the amount of any accumulated and
• $0.50 — conversion price shall not be less than $0.50. Any common shares issued upon conversi

Filing Documents

• ef20017981_sc13da.htm (SC 13D/A) — 93KB
• ef20017981_ex-a.htm (EX-99.A) — 5KB
• 0001140361-24-014232.txt ( ) — 100KB

is hereby amended and restated in its entirety to read as follows

Item 5 is hereby amended and restated in its entirety to read as follows: (a, b) As of March 19, 2024 , based on information received from the Issuer, the Issuer had 12,279,676 Common Shares outstanding. Based on the foregoing, as of the date of this filing: The Reporting Persons may be deemed to beneficially own the Common Shares issuable upon conversion of 1,314,792 Series C Preferred Shares held directly by Mango Shipping. The Series C Preferred Shares are convertible at a rate equal to the Series C Liquidation Preference of $25.00 per Series C Preferred Share, plus the amount of any accrued and unpaid dividends thereon to and including the date of conversion, divided by a conversion price of $1.3576 per Common Share. As of March 19, 2024, the Reporting Persons may be deemed the beneficial owners of 24,225,148 Common Shares issuable upon conversion of the Series C Preferred Shares held by Mango Shipping and an additional 280 restricted common shares held by Mango Shipping, representing approximately 66.4% of the Issuer's outstanding Common Shares, with the shared power to vote and dispose of these Common Shares. (c) No transactions in the Common Shares were effected by the Reporting Persons during the past 60 days. (d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Common Shares beneficially owned by the Reporting Persons. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

is hereby amended and restated in its entirety to read as follows

Item 6 is hereby amended and restated in its entirety to read as follows: The description of the Stock Purchase Agreement dated October 17, 2022 between the Issuer and Mango Shipping set forth in Item 3 of this Schedule 13D is incorporated herein by reference. Description of the Series C Convertible Cumulative Redeemable Perpetual Preferred Stock On October 17, 2022 (the "Original Issuance Date"), the Issuer filed a Certificate of Designation (the "Series C Certificate of Designation") with the Registrar of Corporations of the Republic of the Marshall Islands pursuant to which the Issuer established the Series C Preferred Shares. The authorized number of Series C Preferred Shares is 1,587,314, of which 1,428,372 Series C Preferred Shares are issued and outstanding as of the date hereof. The following description of the terms of the Series C Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Series C Certificate of Designation filed as an exhibit hereto and incorporated herein by reference. Voting . Each holder of Series C Preferred Shares is entitled to a number of votes equal to the number of Common Shares into which such holder's Series C Preferred Shares would then be convertible (notwithstanding the requirement that the Series C Preferred Shares are convertible only after six months following the Original Issuance Date), multiplied by 10. Except as set forth in the Series C Certificate of Designation with respect to certain matters requiring the majority vote of the Series C Preferred Shares or as required by law, the holders of Series C Preferred Shares shall vote together as one class with the holders of Common Shares on all matters submitted to a vote of the Issuer's shareholders. Redemption . The Series C Preferred Shares are redeemable. The Issuer has the right at any time, on or after the date that is the date immediately following the 15-month anniversary of the Original Issuance Date, to redeem,

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View this SC 13D/A filing on SEC EDGAR