Ardmore Shipping Corporation delivered a notice of redemption on November 4, 2024, for 10,000 shares of its Series A Preferred Stock. The redemption value is set at $10.3 million, which represents 103% of the liquidation preference per share, plus any accumulated and unpaid dividends.
This action reflects the company's ongoing efforts to optimize its capital structure and manage its outstanding securities. The redemption is expected to be completed in December 2024.
The move to redeem preferred stock can reduce the company's dividend obligations associated with these shares and potentially improve financial flexibility by simplifying its equity base.
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