On August 31, 2023, George Economou delivered a letter to the board of directors of Performance Shipping Inc. In the letter, George Economou states his view that the Company?s dual-class capital structure, together with the 2022 exchange offer through which the Company effected such structure, violate both Marshall Islands law and Nasdaq Listing Rules and that such structure was implemented as a result of multiple breaches of fiduciary duties; and demands that the board of directors of the Company immediately publicly acknowledge (i) the impropriety and invalidity of the Company?s current dual class structure, (ii) that the voting, conversion and other preferential rights purported to be given to the Company?s Series C Convertible Cumulative Redeemable Perpetual Preferred Stock are invalid, and (iii) that no votes or consents purported to be cast or given by holders of the Series C Preferred Stock into common shares, and no requests for conversion of the Series C Preferred Stock, shall be counted or recognized.