Pyxis Tankers Buys Out 40% Stake in Ultramax Vessel for $6.83M, Eyes Immediate Accretion
PXS has more than doubled off its 52-week low of $2.56.
Summary
Pyxis Tankers is acquiring the remaining 40% of the Ormi vessel-owning entity for $6.83 million, based on three independent appraisals averaging $32.08 million. The deal is expected to close this month and be immediately accretive to earnings and free cash flow. Pyxis already consolidates the entity, so no incremental debt is added. The transaction simplifies ownership and gives Pyxis 100% economic control of the 2016-built Ultramax. This follows a strong Q2 with $2.8M net income and a recent $18.3M offering, showing continued balance sheet strengthening.
At the time of this announcement, PXS was trading at $7.95 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $79.1M. The 52-week trading range was $2.56 to $8.30. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.