DIANA SHIPPING (DSX) President Zafirakis Exercises Warrants for 1.695M Shares

What Happened

• Ioannis Zafirakis, President and Director of DIANA SHIPPING INC. (DSX), exercised 1,000,000 warrants on September 10, 2026 (transaction code M) and received 1,695,270 common shares. The exercise price was $1.69527 per warrant, so the reported cash paid was about $1,695,270. The Form 4 shows the warrants were surrendered (disposed) as part of the exercise.

Key Details

• Transaction date: September 10, 2026. Form filed: September 15, 2026 (filed late relative to the 2-business-day rule).
• Exercise price: $1.69527 per warrant; total cash paid ≈ $1,695,270.
• Shares received: 1,695,270 common shares issued upon exercise.
• Warrants: Reporting person no longer owns any warrants issued to it through the December 14, 2023 warrant distribution.
• Ownership note: Shares are held indirectly through Abra Marinvest Inc.; the reported indirect holdings include 1,823,780 shares awarded under the issuer’s 2014 Equity Incentive Plan that are currently unvested.
• Transaction codes: M = exercise/conversion of derivative (acquired shares); the filing also lists a disposition entry for the 1,000,000 derivative instruments (the warrants surrendered).

Context

• This was an exercise of warrants (derivatives) that resulted in acquiring common stock, not an open-market purchase or a sale of shares. The disposal entry reflects surrendering the warrants as part of the exercise.
• Exercises like this increase the insider’s stock holdings but do not by themselves indicate a buy/sell market sentiment; they often reflect conversion of issued derivatives into shares or other personal/tax/ownership reasons.
• Note the Form 4 was filed several days after the transaction date, which is later than the usual 2-business-day reporting window.