Pyxis completes LookSmart merger

Oct 30 2015

Product tanker owner Pyxis Tankers has announced that it had completed its merger with LookSmart. Pyxis' common stock has been approved for listing on NASDAQ and is now trading under the symbol PXS, which started on 29th October, 2015.

In accordance with the terms of the agreement, LookSmart merged with and into Maritime Technologies Corp, a Delaware corporation and a wholly-owned subsidiary of Pyxis.

As a condition of the merger, LookSmart transferred all of its business, assets and liabilities into its wholly owned subsidiary, LookSmart Group, (LSG), and then spun off LSG’s ownership to the LookSmart shareholders.

Valentios Valentis, Pyxis chairman and CEO, said, "As a NASDAQ listed company, we are excited about our industry, our operations and opportunities for growth, as well as developing a mutually beneficial relationship with the investment community."

Pyxis Tankers is a holding company incorporated on 23^rd March, 2015 under the laws of the Republic of the Marshall Islands. The company owns six double hull product tankers, which had an average age of 4.3 years as of 30^th June, 2015, based on deadweight tonnage. They are employed using a mix of short- and medium-term timecharters and spot charters.

Four of the vessels are MRs, three of which have eco-efficient or eco-modified designs. The other two are described as short-range sisterships.