Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 69

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 69
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subordinate to

our indebtedness,

and your

interests could

be

diluted

by

the

issuance

of

additional

preferred

shares,

including

additional

Series

B

Preferred

Shares, and by other transactions.

Our Series B Preferred Shares are subordinated to all of our existing and future indebtedness. Therefore,

our ability to pay dividends on, redeem

or pay the liquidation preference on

our Series B Preferred Shares

in liquidation or

otherwise may be

subject to prior

payments due to

the holders of

our indebtedness. Our

existing indebtedness restricts, and our future indebtedness may include restrictions on, our

ability to pay

dividends on

or

redeem preferred

shares. Our

amended and

restated

articles of

incorporation currently

41

authorize the issuance

of up to

50,000,000 preferred

shares, par value

$0.01 per share.

Of these preferred

shares, 1,000,000 shares have been

designated Series A Participating

Preferred Stock, 5,000,000 shares

have been

designated Series

B Preferred

Shares, 10,675

are designated

as Series

C Preferred

Shares

and 400 are designated as

Series D Preferred Shares. The

Series B Preferred Shares are

senior in rank

to the

Series A

Participating Preferred

Shares. The

issuance of

additional Series

B Preferred

Shares or

other preferred shares

on a parity

with or senior

to the Series B

Preferred Shares would

dilute the interests

of holders of our

Series B Preferred Shares, and any issuance

of preferred shares senior to

our Series B

Preferred Shares or of additional indebtedness could affect our ability to pay dividends on, redeem or pay

the liquidation preference

on our Series

B Preferred Shares.

The Series B

Preferred Shares do

not contain

any provisions

affording the

holders of

our Series

B Preferred

Shares protection

in the

event of

a highly

leveraged or other transaction,

including a merger or the

sale, lease or conveyance

of all or substantially

all our assets

or business, which might

adversely affect the

holders of our Series

B Preferred Shares, so

long as the rights of our Series B Preferred Shares are not directly

materially