Diana Shipping (DSX) CEO Semiramis Exercises Warrants, Acquires 5.98M Shares

What Happened

• Paliou Semiramis, CEO of Diana Shipping (DSX), exercised previously distributed warrants on September 11, 2026. Through two entities she controls, she surrendered 3,527,501 warrants and received a total of 5,980,066 common shares (1,369,120 shares via 4 Sweet Dreams, S.A. and 4,610,946 shares via Tuscany Shipping Corp.). The warrants were exercised at $1.69527 each, for total exercise proceeds of approximately $5.98 million. No sale of the newly issued shares was reported.

Key Details

• Transaction date: September 11, 2026; Form 4 filed September 16, 2026 (filed 5 days after the transactions; Form 4 is normally due within two business days — this filing appears late).
• Exercise price: $1.69527 per warrant.
• Warrants surrendered: 807,612 (through 4 Sweet Dreams, S.A.) and 2,719,889 (through Tuscany) = 3,527,501 warrants total.
• Shares issued: 1,369,120 (4SD) and 4,610,946 (Tuscany) = 5,980,066 common shares total.
• Post-transaction status: The reporting person no longer owns any warrants issued through the issuer's December 2023 warrant distribution (per footnotes). F1 notes 3,585,820 shares held that are currently unvested and held indirectly through 4SD.
• Transaction code: M = exercise/conversion of a derivative; the “disposed” entries in the filing refer to the warrants surrendered on exercise.
• No immediate sale reported — this was an exercise resulting in share ownership rather than a sale.

Context

• This was an exercise of warrants issued in a December 2023 warrant distribution (one-fifth warrant per share distribution). Exercising warrants is often a routine capital/ownership action; it increases insider share count but is not the same signal as an open-market purchase. Because the filing was submitted several days after the transactions, public disclosure was delayed relative to standard Form 4 timing.