DIANA SHIPPING (DSX) Director Margaronis Exercises Warrants

What Happened

Anastasios Margaronis, a director of DIANA SHIPPING INC. (DSX), exercised 1,000,000 warrants on September 21, 2026 at an exercise price of $1.69527 per warrant, paying $1,695,270 in cash and receiving 1,695,269 newly issued common shares. The Form 4 also reports the surrender/disposition of 1,000,000 derivative warrants (the warrants exercised). This was an exercise of derivative securities (warrants), not an open-market sale — a capital deployment to convert warrants into common stock. The effective price per share received from the exercise is approximately $1.00 per share (exercise cost divided by shares issued).

Key Details

• Transaction date: 2026-09-21; Form filed: 2026-09-24.
• Exercise price: $1.69527 per warrant; cash paid ≈ $1,695,270.
• Shares issued/received: 1,695,269 common shares.
• Derivative surrendered/disposed: 1,000,000 warrants (reflecting the exercise).
• Remaining warrants: Reporting person owns 703,866 warrants through Anamar Investments Inc., which would convert to 1,193,242 shares if exercised.
• Holdings note: Shares are held indirectly through Anamar; reported holdings include 808,408 shares awarded under the issuer’s equity plan that are currently unvested.

Context

• This was an exercise of warrants (derivative conversion), not a sale of the newly issued shares. The "disposed" derivative entry reflects the warrants surrendered upon exercise.
• Exercises increase the insider’s common-share stake (and outstanding share count) but do not by themselves indicate intent to buy/sell on market — they simply convert previously held warrants into stock.
• No 10b5-1 plan, tax-withholding sale, or late-filing flag was indicated in the provided filing details.