TOP SHIPS INC. ANNOUNCES COMPLETION OF ATM ON MARCH 27, 2020 AND CONCLUSION OF SALE OF ONE OF ITS 50% OWNED VESSELS
March 30 2020 - 8:45AM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today
that its 50% subsidiary, City of Athens Pte., concluded the
previously announced sale of its 100% owned vessel, M/T Holmby
Hills, and that the cash release to the Company amounts to $10.2
million.
Furthermore the Company expects to conclude the
sale of its second 50% owned vessel (also previously announced)
within the second week of April and depending on the exact date
that the sale takes place and on prevailing USD Swap rates at the
time of closing, the Company estimates that the cash release from
that sale will also result in a cash release of about $10
million.
The Company also announced that on March 27,
2020 the Equity Distribution Agreement with Maxim Group LLC (the
“ATM”) that the Company entered into on March 11, 2020 was
completed.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.For more
information about TOP Ships Inc., visit its
website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. 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.
Contacts:Alexandros TsirikosChief Financial
OfficerTOP Ships Inc. Tel: +30 210 812
8107Email: atsirikos@topships.org
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