Company: ASC
Filing Date: 2025-11-05
Form Type: 6-K
Source: 0001104659-25-106687
Chunk: 31

Company: Ardmore Shipping Corp
Filing Date: 2025-11-05
Form: 6-K
Chunk 31
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 as any share of the Series A Preferred Stock remained outstanding, no cash dividend could be declared or paid on ASC’s common stock unless, among other things, all accrued and unpaid dividends had been paid on the Series A Preferred Stock. The Company could redeem, in whole or in part, the shares of Series A Preferred Stock outstanding, at a cash redemption price equal to (a) 103% of the liquidation preference per share plus any accumulated and unpaid dividends on or after the third anniversary of the original issuance date of the Series A Preferred Stock and prior to the fourth anniversary, (b) 102% of the liquidation preference per share plus any accumulated and unpaid dividends after such fourth anniversary and prior to the fifth anniversary and (c) 100% of the liquidated preference per share plus any accumulated and unpaid dividends after such fifth anniversary. The Series A Preferred Stock was redeemable, in whole or in part, upon the election of the Company or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events, including if a person or group became the beneficial owner of a majority of ASC’s total voting power. As it was possible, regardless of the probability of such occurrence, that a person or group could acquire beneficial ownership of a majority of the voting power of ASC’s outstanding common stock without Company approval and thereby trigger a “change of control,” the Series A Preferred Stock was classified as temporary equity for accounting purposes. The Company’s obligations to the holder of shares of Series A Preferred Stock were secured by a pledge of the Company’s equity interest in E1. The Series A Preferred Stock is presented in the Company’s financial statements net of the related stock issuance costs.

F-14

<div align='center'>Ardmore Shipping Corporation

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

For the nine months ended September 30, 2025 and September 30, 2024

(Expressed in thousands of U.S. Dollars, except for shares and as otherwise stated)</div>

7. Preferred Stock (continued) As part of the issuance of the Series A Preferred Stock to Maritime Partners, the Company granted to Maritime Partners a profits interest of 20% of all cash or in-kind distributions and proceeds received in respect of the E1 investment which profits interest distributions could only be made after the Company received a return of its initial investment of $ 9.3million. As the agreement included a mandatory redemption date for the profits interest that was the tenth anniversary of the