Diana Shipping Inc. Announces Results of 2021 Annual Meeting of Shareholders

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) held its Annual Meeting of Shareholders on May 20, 2021, where all resolutions were approved. Key decisions include the election of Simeon Palios, Anastasios Margaronis, and Ioannis Zafirakis as Class I Directors until 2024. The shareholders appointed Ernst & Young (Hellas) as independent auditors for fiscal year 2021. Additionally, a reverse stock split was authorized, allowing a ratio of one-for-two to one-for-ten. These steps are part of the company’s strategy to enhance shareholder value and financial stability.

Positive

• Approval of key director elections, strengthening company leadership.
• Appointment of Ernst & Young as independent auditors may enhance credibility.
• Authorization for a reverse stock split could increase share price stability.

Negative

• None.

ATHENS, Greece, May 21, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that the Company’s Annual Meeting of Shareholders (the “Meeting”) was duly held on May 20, 2021, in a virtual format only via the Internet, pursuant to a Notice of Annual Meeting of Shareholders dated April 9, 2021. Broadridge Financial Solutions, Inc. acted as inspector of the Meeting.

At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company’s Proxy Statement sent to shareholders on or around April 9, 2021, was approved and adopted:

(1)  The election of Simeon Palios, Anastasios Margaronis and Ioannis Zafirakis as Class I Directors of the Company, to serve until the Company’s 2024 Annual Meeting of Shareholders;

(2)  The appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2021; and

(3)  The amendment to the Company’s Amended and Restated Articles of Incorporation to effect a reverse stock split of the Company’s issued Common Shares, at a ratio of not less than one-for-two and not more than one-for-ten, and to authorize the Board of Directors to implement the reverse stock split by filing an amendment to the Company’s Amended and Restated Articles of Incorporation with the Registrar of Corporations of the Republic of the Marshall Islands.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What were the outcomes of Diana Shipping's Annual Meeting on May 20, 2021?

The meeting resulted in the election of Class I Directors, appointment of independent auditors, and authorization for a reverse stock split.

Who were elected as directors during Diana Shipping's 2021 Annual Meeting?

Simeon Palios, Anastasios Margaronis, and Ioannis Zafirakis were elected as Class I Directors.

What is the purpose of the reverse stock split approved by Diana Shipping?

The reverse stock split aims to potentially stabilize and enhance the share price.

Which auditing firm was appointed for Diana Shipping in 2021?

Ernst & Young (Hellas) was appointed as the independent auditors for the fiscal year.

When will the newly elected directors serve until?

The newly elected directors will serve until the 2024 Annual Meeting of Shareholders.