Top Ships Inc. Announces Pricing of $20.0 Million Common Shares Registered Direct Offering
June 24 2020 - 9:00AM
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 $0.12 per share (the
“Registered Offering”). The aggregate gross proceeds of the
Registered Offering is $20.0 million. The Registered Offering is
expected to close on or about June 26, 2020, subject to the
satisfaction of customary closing conditions.
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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