TOP Ships Inc. Announces Pricing of $20.0 Million Common Shares Registered Direct Offering
TOP Ships Inc. (NASDAQ: TOPS) has entered a placement agency agreement with Maxim Group LLC for a registered direct offering of 166,666,667 common shares at $0.12 each, aiming for gross proceeds of $20 million.
Sentiment and the balance of points
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Rhea-AI Summary
TOP Ships Inc. (NASDAQ: TOPS) has entered a placement agency agreement with Maxim Group LLC for a registered direct offering of 166,666,667 common shares at $0.12 each, aiming for gross proceeds of $20 million. The offering is expected to close around June 10, 2020. The net proceeds will primarily fund the acquisition of 50% interests in two ship-owning companies, alongside general corporate purposes. The offering is conducted under the previously filed shelf registration statement with the SEC, and additional details will be available in a forthcoming prospectus supplement.
Positive
- The registered direct offering aims to raise $20 million, supporting the purchase of 50% interests in two ship-owning companies.
- The offering will bolster corporate liquidity and enable growth initiatives.
Negative
- Issuing 166,666,667 shares may lead to shareholder dilution.
Details
News Market Reaction – TOPS
The recorded move for TOPS in the trading session of this news was -7.91%.
Data tracked by StockTitan Argus. Session date unavailable.
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ATHENS, Greece, June 08, 2020 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”) (NASDAQ:TOPS) announced today that it has entered into a placement agency agreement with Maxim Group LLC relating to the sale of the Company’s common shares (the “Placement Agency Agreement”). Pursuant to the Placement Agency Agreement, the Company entered into a securities purchase agreement with certain institutional investors in connection with a registered direct offering of an aggregate of 166,666,667 common shares at a public offering price of
Maxim Group LLC is the sole placement agent in connection with the offering.
The common shares are being offered pursuant to a shelf registration statement on Form F-3 (File No. 333-234281) previously filed and declared effective by the United States Securities and Exchange Commission (“SEC”). A prospectus supplement relating to the offering will be filed by the Company with the SEC. When filed, copies of the prospectus supplement, together with the accompanying base prospectus, can be obtained at the SEC's website at http://www.sec.gov or from the offices of Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, Attn: Prospectus Department, or by telephone at (212) 895-3745.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Any offers of securities will be made only by means of a prospectus supplement and accompanying base prospectus.
About TOP Ships Inc.
TOP Ships Inc. (TOPS) is an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products.
Cautionary Note Regarding Forward-Looking Statements
Matters discussed in this press release may constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org
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