Stainless Tankers – Exercise of warrants
5 September 2025 – Reference is inter alia made to Stainless Tankers ASA's (the "Company") note 19 in the Company’s Annual Report for the financial year 2024 and the financial report for the three-month period ended 30 June 30 2025, where it is noted that 1/3 of 1,012,500 warrants (Nw.: frittstående tegningsretter), comprising in total 337,500 warrants, issued to Tufton LP, has vested.
The Company’s chair of the Board has today received notice from the warrant holder of its exercise of the 337,500 vested warrants.
Each vested warrant gives the warrant holder the right to require the issuance of one new share in the Company at a subscription price of the NOK equivalent of USD 5, reduced on a NOK-for-NOK basis for any dividend and/or capital distribution per share paid by the Company in the period from the issuance date of the warrants until the exercise date (the "Exercise Price"). The USD/NOK exchange rate to be used for calculating the NOK equivalent of the USD 5 subscription price is USD/NOK 10.3318.
The Company has the discretion to settle any exercised warrants, in whole or in part, through the payment to the warrant holder of a cash amount equal to the number of exercised warrants times the difference between the Exercise Price and the share price on the date of the exercise.
The Company must notify the warrant holder within 10 calendar days after having received the notice of exercise whether it wants to utilize its right to settle the warrants, in whole or in part, through a cash payment. The Company will announce its method of settlement of the warrants when resolved.
For more information, please contact:
Andrew Hampson, CEO
E-mail: andrew.hampson@tufton.com
Irene Michael, CFO
E-mail: irene.michael@tufton.com
About Stainless Tankers ASA | www.stainlesstankers.com
Stainless Tankers ASA is a shipping company specialized in providing seaborne transportation of chemical cargoes worldwide. The Company provides investors with pure-play stainless steel chemical tanker exposure in an investor friendly structure through its fleet of six stainless steel vessels, each with an approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton Management Limited, with a primary focus on maximizing earnings and distributing excess operating cashflow to shareholders.