Genco Shipping & Trading Limited - Form 8-K Filing

Genco Shipping & Trading Limited filed a Form 8-K on May 1, 2026, to report the Second Amendment to Shareholder Rights Agreement. This amendment rescinds the First Amendment, reinstating the Shareholder Rights Agreement with modifications. The beneficial ownership threshold to become an Acquiring Person, triggering the Rights Agreement, has been reset to 15% of the Company's outstanding Common Stock. This change aims to protect shareholders by preventing any single entity from gaining control or significant influence through open-market accumulation without offering a fair control premium. The amendment is intended to provide the Board with sufficient time to fulfill its fiduciary duties and does not preclude the consideration of all proposals. The Rights Agreement, as amended, is designed to ensure all shareholders benefit from the long-term value of their investment and is not intended to deter fair offers.