TOP Ships announces 1-for-10 reverse stock split, $5M convertible-note offering
- TOP Ships (TOPS) announced a 1-for-10 reverse stock split effective November 6 and a $5M private placement of senior convertible notes and warrants.
The financing includes $5.56M in notes at a 10% original issue discount, generating $5M in initial gross proceeds. The notes carry 8% annual interest if paid in cash or 10% if paid in shares, mature in 12 months, and may be extended to 18 months with a 5% principal increase.
The initial tranche includes warrants for 19.84M shares at $0.28 each and 992,064 commitment shares or pre-funded warrants. A second tranche could raise another $5M, subject to conditions
- The reverse split will not change authorized shares or the $0.01 par value; fractional shares will be paid in cash based on the November 5 closing price, adjusted for the split.
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