Performance Shipping Inc. Announces Pricing of $5.95 Million Registered Direct Offering and Concurrent Private Placement

Athens, Greece - July 18, 2022

Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today that it has entered into a securities purchase agreement (the “Agreement”) with several institutional investors to purchase approximately $5.95 million of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement. The combined effective purchase price for one common share and one warrant to purchase one common share will be $0.35.

Under the terms of the Agreement, the Company has agreed to sell 17,000,000 common shares. In a private placement, which will be consummated concurrently with the registered offering, the Company has also agreed to issue warrants to purchase up to an aggregate of 17,000,000 common shares. The warrants will be immediately exercisable, will expire five and a half years from the date of issuance and will have an initial exercise price of $0.35 per common share.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The offerings are expected to close on or about July 19, 2022, subject to the satisfaction of customary closing conditions.

The common shares are being offered pursuant to the Company’s shelf registration statement on Form F-3 (File No. 333-237637), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on April 23, 2020. The registered offering will be made only by means of a prospectus supplement that forms a part of such registration statement. The warrants to be issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

Performance Shipping Inc. press release