Movers and SHAKERS
Pyxis Tankers Inc. (PXS)
Capital Raises Expand Public Market Float and Enhance Financial Flexibility
Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Well-timed equity offering captured the upside move and creates financial flexibility. Public float materially improves. Recently, a private equity offering was priced at $1.75/share and 14.3 million shares were issued to raise $23.1 million, net. The offering expands the public market float to 53% and adds financial flexibility to potentially shift to growth after struggling to raise capital over the past few years. While there is no specific plan detailed yet, we expect added color when 4Q2020/FY2020 results are report on/about March 17th.
Partial preferred conversions and warrant exercises add to share count and boost cash. To boost liquidity in 4Q2020, a convertible preferred offering of $5.0 million was completed in October. Over the past several months, about $1.0 million of convertible preferred has converted into 733k shares. In addition, 144.5k warrants were exercised. Adjusting for the equity offering, convertible preferred ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.