Thursday, July 15, 2021
Pyxis Tankers Inc. (PXS)
Another Capital Raise Bolsters 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.
Follow on convertible preferred offering raises $6.2 million. About 308k shares of 7.75% Series A convertible preferred shares priced at $20/share. While no warrants were issued and conversion price remains $1.40/share, the preferred shares were priced at a discount of 20% and a yield of 9.7%.
Acquisition set to close shortly. The acquisition of a MR tanker for $20.0 million was announced about a month ago, and the transaction should close by late July. A new seven year term loan of $13.5 million at Libor plus 480 basis points and existing cash will finance the acquisition …
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.
