Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 39

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 3
Chunk 39
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 and demand for refined petroleum products and chemicals;  

  the levels of our operating costs and any tax expenses;  

  the number of off-hire days for our fleet and the timing of, and number of days required for drydocking of our vessels;  

  gains or losses on vessel sales or relating to derivatives, and the levels of our depreciation and amortization expenses;  

  dividend restrictions in our credit facilities, and in any future financing arrangements;  

  provisions of our articles of incorporation that prohibit the payment of cash dividends on our common stock unless all accrued and unpaid dividends have been paid on the Series A Preferred Stock;  

  prevailing global and regional economic and political conditions;  

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  the effect of governmental regulations and maritime self-regulatory organization standards, including with respect to environmental and safety matters, on the conduct of our business;  

  our fleet expansion strategy and associated uses of our cash and our financing requirements;  

  the amount of any cash reserves established by our board of directors; and  

  restrictions under Marshall Islands law.  

Our ability to make distributions to our shareholders will also depend upon the performance of our ship-owning subsidiaries, which are our principal cash-generating assets, and their ability to distribute funds to us.

The ability of our ship-owning or other subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing or future indebtedness, applicable corporate or limited liability company laws and other laws and regulations.

In addition, the per share amount of any dividend will also be affected by the number of outstanding shares of our common stock used in calculation of the dividends, which may fluctuate substantially from period to period.

Anti-takeover provisions in our articles of incorporation and bylaws could make it difficult for our shareholders to replace or remove our current board of directors or could have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.

Several provisions of our articles of incorporation and bylaws could make it difficult for our shareholders to change the composition of our board of directors in any one year, preventing them from changing the composition of management. In addition, these and other provisions in our governing documents may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable. These provisions include:

  authorizing the board of directors to issue “blank check” preferred stock without shareholder approval;  

  providing for a classified board of directors with staggered, three-year terms;  

  prohibiting cumulative