Deal funds contractual commitment, working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., June 6 – Top Ships Inc. said it priced a $20 million public sale of stock with a $3 million greenshoe. The deal was announced on March 19.
The company will sell 10 million common shares at $2.00 per share.
Investors will also receive warrants for 5 million shares. The warrants are each exercisable at $2.50 for five years. The strike price is a 13.79% discount to the June 5 closing share price of $2.90. The price per share is a 31.02% discount to that price.
Aegis Capital Corp. is the bookrunning manager.
Settlement is expected on June 11.
Proceeds will be used for contractual commitments, working capital and general corporate purposes.
Maroussi, Greece-based Top Ships is a provider of international seaborne transportation services for refined petroleum products, crude oil and dry bulk commodities.
| Issuer: | Top Ships Inc.
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| Issue: | Common stock
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| Amount: | $20 million
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| Greenshoe: | $3 million
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| Shares: | 10 million
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| Price: | $2.00
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| Warrants: | For 5 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.50
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| Bookrunner: | Aegis Capital Corp.
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| Announcement date: | March 19
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| Pricing date: | June 6
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| Settlement date: | June 11
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| Stock symbol: | Nasdaq: TOPS
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| Stock price: | $2.90 at close June 5
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| Market capitalization: | $15.33 million
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