Pyxis Tankers Announces $25.0 Million Private Placement of Common Stock

Pyxis Tankers Inc., an emerging growth pure play product tanker company, announced that it has entered into definitive securities purchase agreements with a group of investors, which will result in gross proceeds to Pyxis Tankers of $25.0 million, before deducting placement offering expenses. Pyxis Tankers will issue 14,285,715 shares of common stock at a price of $1.75 per share. This private placement is expected to close on or before February 19, 2021, subject to customary closing conditions.

Pyxis Tankers will use the net proceeds from the transaction for general corporate purposes, which may include the repayment of outstanding indebtedness and potential vessel acquisitions.

The securities offered and sold by Pyxis Tankers in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. Pyxis Tankers has agreed to file a registration statement with the SEC covering the resale of the shares of common stock to be issued in the private placement. Any resale of Pyxis Tankers’ shares under such resale registration statement will be made only by means of a prospectus.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.