Ardmore Shipping Corporation completed the redemption of 10,000 shares of its Series A Preferred Stock on December 10, 2024. The redemption was executed at a value of $10.3 million, which includes 103% of the liquidation preference per share plus any accumulated and unpaid dividends.
This action follows the notice of redemption delivered on November 4, 2024, and represents a strategic move to optimize the company's capital structure. The redemption resulted in a loss on extinguishment of $0.7 million recognized during the three months ended December 31, 2024.
The completion of this redemption reduces the company's preferred stock obligations and simplifies its financial structure. This move aligns with Ardmore's disciplined capital allocation strategy focused on long-term value creation.
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