PXS Stock Price Increases Over 20% Pre-Market: Why It Happened

By Amit Chowdhry ● June 22, 2021
  • The stock price of Pyxis Tankers Inc (NASDAQ: PXS) increased by over 20% pre-market. This is why it happened.

The stock price of Pyxis Tankers Inc (NASDAQ: PXS) increased by over 20% pre-market. There seem to be a few catalysts at play. 

There has been a broader rally in the stock prices of other shipping companies this week. So it is possible that a sympathy play could be in effect. 

Some investors also appear to be responding to an SEC filing. The SEC filing is a Schedule 13D amendment that shows that Maritime Investors Corp. now owns 18,688,919 common shares. This represents 48.8% ownership based on the 38,316,854 shares issued and outstanding as of June 17, 2021. Maritime Investors is a company related to Valentios Valentis, the chairman and CEO of Pyxis Tankers. The percentage ownership is slightly higher than revealed in the previous amendment.

Pyxis Tankers said it received a notification letter from the Nasdaq Stock Market, stating that, for a period of 30 consecutive business days, the company’s common shares closed below the minimum bid price of $1.00 per share, as required for continued listing on Nasdaq (minimum bid price requirement). And the company has until December 13, 2021 to regain compliance with the minimum bid price requirement. Pyxis intends to regain compliance with the minimum bid price requirement within the compliance period and is considering all available options like a reverse stock split. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.