Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 11

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 11
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 (“Debt”) to our unaudited interim condensed consolidated financial statements included in this report. Our financing facilities contain covenants and other restrictions we believe are typical of debt financing collateralized by vessels, including those that restrict the relevant subsidiaries from incurring or guaranteeing additional indebtedness, granting certain liens, and selling, transferring, assigning or conveying assets. Our financing facilities do not impose a restriction on dividends, distributions, or returns of capital unless an event of default has occurred, is continuing or will result from such payment. The majority of our financing facilities require us to maintain various financial covenants. Should we not meet these financial covenants or other covenants, the lenders may declare our obligations under the applicable agreements immediately due and payable, and terminate any further loan commitments, which would significantly affect our short-term liquidity requirements. As of March 31, 2025, we were in compliance with all covenants relating to our financing facilities.

Our debt facilities require us to make interest payments based on the Secured Overnight Financing Rate (“SOFR”). Continuing high or increases in interest rates could adversely affect results of operations and our ability to service our debt; however, as part of our strategy to minimize financial risk, at times we use interest rate swaps to reduce our exposure to market risk from changes in interest rates. We currently do not have any interest rate swaps in place.

The shares of our Series A Preferred Stock (described in Note 6) accrue cumulative dividends, and so long as any share of the Series A Preferred Stock remains outstanding, no cash dividend may be declared or paid on our shares of common stock unless, among other things, all accrued and unpaid dividends have been paid on the Series A Preferred Stock.

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CASH FLOW DATA Cash Flow Data for the Three Months Ended March 31, 2025 and March 31, 2024

| ​                                         
 CASH FLOW DATA                            | ​                            
 In thousands of U.S. Dollars | ​                  
 Three Months Ended 
 ​                  |              ​ 
 March 31, 2025 | ​ | ​ |              ​ 
 March 31, 2024 |
|:------------------------------------------|:-----------------------------|:-------------------|---------------:|:--|:--|---------------:|
| Net cash provided by operating activities | ​                            | $                  |         26,257 | ​ | ​ |         49,178 |
| Net cash (used in) investing activities   |