Diana Shipping (DSX) Director Margaronis Exercises Warrants for 1.19M Shares

What Happened
Anastasios Margaronis, a director of Diana Shipping Inc. (DSX), exercised 703,886 warrants on September 29, 2026 at an exercise price of $1.69527 per warrant. In exchange for surrendering those warrants, he received 1,193,276 shares of common stock. The cash paid for the exercise was approximately $1.19 million. The Form 4 shows the warrants were disposed (converted) and the resulting shares were acquired indirectly through Anamar Investments Inc., which the Reporting Person controls.

Key Details

• Transaction date: 2026-09-29; Form 4 filed 2026-09-30 (filed the next day).
• Exercise price: $1.69527 per warrant; total cash paid ≈ $1,193,275.
• Instruments surrendered: 703,886 warrants (derivative) — these were converted; shares received: 1,193,276 common shares.
• Post-transaction: Reporting person no longer owns any warrants distributed through the Issuer via Anamar. Shares held indirectly through Anamar include 808,408 shares awarded under the Issuer’s 2014 Equity Incentive Plan that are currently unvested.
• No 10b5-1 plan, tax-withholding sale, or late-filing indication provided in the filing.

Context
This was an exercise/conversion of previously distributed warrants (from a 2023 warrant distribution), not an open-market buy or sale of existing shares. Converting warrants into shares increases the director’s common-stock holdings but is different from a market purchase — it reflects exercise of a derivative right. As always, this is a factual reporting of the transaction and does not imply the insider’s motives.