Top Ships falls after pricing $13.5-mln stock offering

TOP Ships

05/12/2022 13:35

** U.S.-listed shares of Greece-based shipping company Top
Ships Inc  TOPS.O  down 62.2% at $1.68 premarket, after surging
184.6% in the last three sessions
    ** TOPS prices a public offering of 6.75 mln units at
$2/unit for gross proceeds of ~$13.5 mln
    ** Price of offering, expected to close by Dec. 6, is at a
~55% discount to stock's prior close
    ** Each unit consists of one share and one Class C warrant
to purchase one share, and will immediately separate upon
issuance
    ** TOPS has 2.8 mln shares outstanding worth ~$12.43 mln,
according to Refinitiv data; size of offering is 141.5% compared
to company's free float of 2.795 mln shares
    ** In Oct, company regained compliance with the minimum bid
price requirement for the Nasdaq's listing rules
 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com))