Genco Shipping adopts one-year shareholder rights plan

Genco Shipping & Trading Limited (NYSE: GNK) announced its board of directors adopted a shareholder rights plan effective immediately through September 30, 2026.

The rights plan triggers if an entity, person or group acquires 15% or more of the company's common stock without board approval. In such cases, other shareholders would receive rights to purchase additional shares at below-market prices.

Under the plan, the company will issue one right for each outstanding share as of October 13, 2025. If triggered, each right holder except the acquiring party could purchase shares with a market value of twice the exercise price.

The board may also exchange one company share for each outstanding right after a 15% acquisition threshold is reached, excluding rights owned by the acquiring party.

The rights plan could terminate earlier if the rights are redeemed or exchanged before the expiration date. Any extension or renewal beyond September 30, 2026, would require shareholder approval.

Genco operates a fleet of 43 dry cargo vessels with approximately 4.6 million deadweight tons capacity. The company transports commodities including iron ore, coal, grain and steel products globally.

The company stated the plan is designed to ensure shareholders receive appropriate compensation for control transactions and provide the board time to evaluate proposals. Details will be filed in a Form 8-K with the Securities and Exchange Commission.

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