ATHENS, Greece, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today that it has extended the expiration date of its offer to exchange up to 4,066,181 of its currently issued and outstanding common shares of the Company, par value $0.01 per share (the “Common Shares”), for newly issued shares of the Company’s Series B Convertible Cumulative Perpetual Preferred Stock, par value $0.01 and liquidation preference $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Shares for each Common Share. The extended expiration date of the offer to exchange is 5:00 p.m., New York City time, on January 27, 2022, unless the offer is extended or withdrawn. The full terms and conditions of the offer to exchange are discussed in the Offer to Exchange, as amended and restated on January 12, 2022 (the “Offer to Exchange”), and the related Letter of Transmittal and other materials relating to the Offer to Exchange (each as amended), contained in the Company’s tender offer statement on Schedule TO, as amended, which has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and which has, or will be, distributed to shareholders.