Diana Shipping Director P. Eleftherios Sells 20,000 Warrants

What Happened

Director Eleftherios Papatrifon sold a total of 20,000 derivative securities (warrants) in two open-market/private transactions — 15,000 on 2026-09-18 and 5,000 on 2026-09-21. The Form 4 reports these as dispositions of warrants (transaction code S, derivative) and lists the per-item price as N/A on the filing. The warrants sold carry an exercise price of $1.69527 (from a December 14, 2023 warrant distribution).

Key Details

• Transaction dates: 2026-09-18 (15,000 warrants) and 2026-09-21 (5,000 warrants).
• Price / proceeds: Form 4 reports price as N/A; the warrants have an exercise price of $1.69527 per warrant (this is the warrant exercise price, not necessarily the sale price).
• Holdings after transaction: the reporting person currently owns 171,311 warrants, which entitle him to 290,418 common shares upon exercise.
• Origin of warrants: Issuer distributed one-fifth of a warrant per common share on 2023-12-14 (the "Warrant Distribution").
• Filing date: Form filed 2026-09-22. Based on the transaction and filing dates, the report appears to have been filed within the typical Form 4 timing window.

Context

These were sales of warrants (derivative securities) rather than sales of common stock or exercises of options. Sales of derivative instruments can reflect portfolio rebalancing or other personal reasons and are not direct purchases or sales of common shares. The filing does not provide the cash proceeds from the warrant sales.