11:42 AM EDT, 06/28/2024 (MT Newswires) -- Pyxis Tankers ( PXS ) said Friday it has completed the acquisition of a dry bulk vessel through a joint venture with an entity related to its chairman and chief executive officer.

The company said it invested $7.3 million in cash and will issue 267,857 restricted common shares for a 60% ownership interest in the joint venture that was formed to acquire, own and operate the Konkar Venture, a 82,099 dwt Kamsarmax carrier built in 2015.

Following the acquisition, the shipping company said it has an estimated total cash of roughly $43 million, including restricted cash of $2.2 million, with total funded debt of about $89 million.

Shares of the company were up nearly 2% in recent trading.

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