PSHG – Special Shareholder Meeting

This is a meeting about converting debt into new debt. Event traders would be focused on this, but since it is such a low float, institutions positioning before the vote could create a little runup opportunity. Runup traders would want to monitor the 1 hour Williams %R and MACD, to ensure that the wider market agrees with the bullish hypothesis (Williams over -50 is all it really takes for the price of a stock to move up).

The meeting is scheduled to announce the results of whether series B preferred shareholders agreed to convert their shares to newly issued Series C preferred shares. It’s a whole corporate situation with buzzwords right and left, but what it comes down to is, it saves PSHG quite a bit of money, and they would definitely stand to benefit from it happening sooner than later. The final date the shares can be converted is, as of now, expected to be in February 2023.  Subjectively, it seems they plan on announcing the conversion percentage at this meeting.

Link to Event PR: https://www.globenewswire.com/news-release/2022/10/21/2539502/0/en/Performance-Shipping-Inc-Announces-Restructuring-of-Related-Party-Debt-and-Date-of-Special-Meeting-of-Shareholders.html