10/01/2025 | Press release | Distributed by Public on 10/01/2025 10:21
The Republic of the Marshall Islands
(Jurisdiction of Incorporation or Organization)
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98-0439758
(I.R.S. Employer Identification No.)
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299 Park Avenue, 12th Floor
New York, New York
(Address of Principal Executive Offices)
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10171
(Zip Code)
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Title of each class
to be so registered
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Name of each exchange on which
each class is to be registered
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Preferred Stock Purchase Rights
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The New York Stock Exchange
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Item 1. |
Description of Registrant's Securities to be Registered
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10 days after the public announcement that a person or group has become an "Acquiring Person" by obtaining beneficial ownership of 15% or more of the outstanding Common Stock, or, if earlier;
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10 business days (or a later date determined by the Board before any person or group becomes an Acquiring Person) after a person or group Commences (as defined in the Rights Agreement) a tender or exchange offer which, if completed, would result in that person or group becoming an Acquiring Person.
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Flip In. If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person or any associate or affiliate thereof may, upon exercise of a Right, purchase for the Purchase Price shares of Common Stock with a market value of two times the Purchase Price, based on the market price of the Common Stock prior to such acquisition. If the Company does not have a sufficient number of shares of Common Stock available, the Company may under certain circumstances substitute Preferred Shares or other securities or property for the Common Stock into which the Rights would have otherwise been exercisable.
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Flip Over. If the Company is acquired in a merger or similar transaction after an Acquiring Person becomes such, all holders of Rights except the Acquiring Person or any associate or affiliate thereof may, upon exercise of a Right, purchase for the Purchase Price shares of the acquiring company with a market value of two times the Purchase Price, based on the market price of the acquiring company's stock prior to such transaction.
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will not be redeemable.
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will entitle the holder to quarterly dividend payments equal to the dividend paid on one share of Common Stock.
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will have one vote and vote together with the Common Stock, except as required by law.
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if shares of Common Stock are exchanged via merger, consolidation, or a similar transaction, will entitle the holder to a payment equal to the payment made on one share of Common Stock.
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Item 2.
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Exhibits
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Exhibit
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Description
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3.1 |
Statement of Designations of Series B Preferred Stock of Genco Shipping & Trading Limited.(1) | |
4.1 |
Rights Agreement dated as of October 1, 2025 between Genco Shipping & Trading Limited. and Computershare Inc., as Rights Agent (including the form of Statement of Designations of Series B Preferred Stock attached thereto as Exhibit A, the form of Right Certificate attached thereto as Exhibit B and the Summary of Rights to Purchase Preferred Shares attached thereto as Exhibit C) (1) |
(1) |
Incorporated by reference to the Company's Report on Form 8-K filed with the Securities and Exchange Commission on October 1, 2025.
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GENCO SHIPPING & TRADING LIMITED
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By:
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/s/ John C. Wobensmith |
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Name:
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John C. Wobensmith
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Title:
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Chief Executive Officer and President
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Date:
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October 1, 2025
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