Top Ships sinks on deep-discounted stock deal

TOP Ships

31/03/2020 12:34

** Top Ships Inc  TOPS.O  down ~60% premarket as co raises
equity
    ** Greece-based tanker vessels operator sells 40 mln shares
to certain institutional investors in registered direct offering
for $8 mln raise  urn:newsml:reuters.com:*:nGNX8Zlr0h
    ** Offering prices at 20 cents/sh vs stock's last sale of 54
cents
    ** Maxim Group sole placement agent for offering
    ** On Mon, TOPS more than doubled after co announced
completion of $5 mln "at-the-market" equity distribution
agreement https://www.sec.gov/Archives/edgar/data/1296484/000091957420002356/d8491735_424b-5.htm
 with Maxim that co entered into on Mar 11, and concluded sale
of one of its 50% owned vessels for $10.2 mln  urn:newsml:reuters.com:*:nGNX5WZKYn
    ** TOPS has lost a third of its value this year, following
95% plunge in 2019. Stock on track for 7th straight year of
losses
    

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))