PXS Share Price Rises More Than 20% Before Market: Why It Happened

  • Pyxis Tankers Inc’s (NASDAQ: PXS) share price rose more than 20% before market. That’s why it happened.

Pyxis Tankers Inc’s (NASDAQ: PXS) share price rose more than 20% before market. There seem to be a few catalysts in play.

There has been a broader rally in the share prices of other shipping companies this week. It is therefore possible that a sympathy play is in progress.

Some investors also seem to be reacting to a filing with the SEC. The SEC filing is an amendment to Schedule 13D that shows Maritime Investors Corp. now owns 18,688,919 ordinary shares. This represents a 48.8% stake based on the 38,316,854 shares issued and outstanding as of June 17, 2021. Maritime Investors is a company linked to Valentios Valentis, Chairman and CEO of Pyxis Tankers. The percentage of ownership is slightly higher as revealed in the previous amendment.

Pyxis Tankers said it received a notification letter from the Nasdaq Stock Market, stating that for a period of 30 consecutive business days, the company’s common shares closed below the minimum bid price of $ 1.00 per share, as required for maintaining bid price requirement). And the company has until December 13, 2021 to get back into compliance with the minimum bid price requirement. Pyxis intends to re-comply with the minimum bid price requirement during the compliance period and is considering all available options, such as a reverse stock split.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

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