Sphinx Investment Corp. Extends Tender Offer for Shares
New York — Sphinx Investment Corp. today announced a significant update regarding its tender offer to acquire all outstanding common shares of Performance Shipping Inc. This action aims to bolster Sphinx's investment strategy while providing shareholders of Performance a valuable exit opportunity. The company has extended the expiration date of its tender offer, which was originally scheduled for a prior date, to 11:59 p.m. New York City time on September 18, 2026. This extension is part of Sphinx's ongoing commitment to create favorable conditions for investors.
Details of the Tender Offer
Performance Shipping Inc.'s common shares, which hold a par value of $0.01 per share, are being offered for purchase at $3.00 per Share. This price reflects cash payments and does not include interest or applicable withholding taxes. As of the close of business on February 10, 2026, Sphinx confirmed that 1,944,483 Shares had been tendered but not withdrawn, indicating robust interest from shareholders. The tender offer is aligned with the previously established terms found in the Amended and Restated Offer to Purchase, which outlines the conditions and procedures for executing the offer.
Regulatory Compliance
Sphinx has taken comprehensive steps to ensure compliance with regulatory requirements. The company’s Offer to Purchase, alongside related documents, have been filed with the Securities and Exchange Commission (SEC). Investors and shareholders can access these documents through the SEC's website to obtain crucial details regarding the tender offer. The importance of understanding these materials cannot be overstated, as they contain information that may impact shareholder decision-making.
Role of the Information Agent
Innisfree M&A Incorporated serves as the Information Agent for the Offer. They provide support to shareholders looking to navigate the tender offer process. Shareholders interested in obtaining copies of the tender offer materials or seeking clarification can reach Innisfree by calling their toll-free number. Additionally, these materials can be found on the SEC’s official website, enabling investors to remain informed.
Important Considerations for Shareholders
As Sphinx Investment Corp. engages in this extension of its tender offer, it emphasizes the key importance of reading the detailed offer materials thoroughly. These documents, including the Offer to Purchase and Letter of Transmittal, present crucial information that shareholders need to consider. It's essential for those involved to understand the offer and the implications it may present for their investments.
About Sphinx Investment Corp.
Sphinx Investment Corp. is organized under the laws of the Republic of the Marshall Islands, engaging primarily in investments in securities. The firm is overseen by Mr. George Economou, a figure with a substantial investment portfolio, guiding Sphinx through this strategic initiative.
Contact Information
For further inquiries, shareholders and interested parties can reach out to Innisfree M&A Incorporated. Direct contact includes reputable representatives who can provide the necessary assistance in understanding the tender offer and its components.
Frequently Asked Questions
What is the purpose of the tender offer?
The tender offer allows Sphinx Investment Corp. to acquire all outstanding shares, which can enhance its investment portfolio and provide liquidity to Performance Shipping Inc. shareholders.
When is the new expiration date for the offer?
The expiration date for the tender offer has been extended to September 18, 2026, at 11:59 p.m. New York City time.
How much is Sphinx offering for each Share?
Sphinx is offering $3.00 in cash for each common share of Performance Shipping Inc., which excludes interest and withholding taxes.
Who can investors contact for more information?
Investors can contact Innisfree M&A Incorporated for assistance regarding the tender offer and to obtain related documents.
Is there a risk involved in the tender offer?
Yes, there are inherent risks in any investment decision, and stakeholders are encouraged to read all tender offer materials thoroughly to understand all conditions and risks.
