Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 40

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 3
Chunk 40
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 voting in the election of directors;  

  authorizing the removal of directors only for cause and only upon the affirmative vote of the holders of two-thirds of the outstanding shares of our common stock entitled to vote for the direct...  

  limiting the persons who may call special meetings of shareholders; and  
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  establishing advance notice requirements for nominating candidates for election to our board of directors or for proposing matters that can be acted on by shareholders at shareholder meetings.  

These anti-takeover provisions could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common stock and our shareholders’ ability to realize any potential change of control premium.

We may be required to redeem our outstanding shares of Series A Preferred Stock or to pay dividends on such shares at an increased rate.

The Series A Preferred Stock is redeemable, in whole or in part, upon the election of us or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events specified in the statement of designation relating to the Series A Preferred Stock. The applicable redemption price ranges between (a) 103% of the then applicable liquidation preference per share plus any accumulated and unpaid dividends through the redemption date and (b) 100% of the then applicable liquidated preference per share plus any accumulated and unpaid dividends through the redemption date, depending upon when the redemption occurs. If we were to fail to redeem all the Series A Preferred Stock elected to be redeemed following a change of control, the dividend rate payable on unredeemed shares would automatically increase to 15.0% per annum. The occurrence of other events specified in the statement of designation for the Series A Preferred Stock may also result in increases in the dividend rate of the preferred shares, up to a maximum of 15.0% per annum. Following the redemption of 10,000 shares of Series A Preferred Stock in December 2024, there were 30,000 shares of Series A Preferred Stock outstanding as of December 31, 2024, with an aggregate liquidation preference of $30.0 million, excluding any accrued and unpaid dividends.

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TAX RISKS

U. S. tax authorities could treat us as a “passive foreign investment company”, which could have adverse U. S. federal income tax consequences to U. S. holders.

A foreign corporation will be treated as a passive foreign investment company