Top Ships Closes Public Offering Of 10 Mln Shares - Quick Facts

(RTTNews) - Top Ships Inc. (TOPS) Thursday closed its previously-announced underwritten public offering of 10 million shares of its common stock, and warrants to purchase 5 million common shares, at $2 per common share and $0.00001 per warrant.

The warrants have an exercise price of $2.50 per share and are exercisable immediately. They will expire five years from the date of issuance.

Top Ships has granted the underwriters a 45-day option to purchase up to an additional 1.5 million common shares and/or up to 750,000 additional warrants to cover over-allotments, if any.

The underwriters have partially exercised this option to purchase 330,000 additional warrants.

The gross proceeds from this offering before deducting the underwriting discount and other offering expenses payable by the company were $20,000,050.

The net proceeds of this offering are expected to be used to finance part of Top Ship's contractual commitments in relation to its fleet and for working capital and general corporate purposes.

Aegis Capital Corp. acted as the sole book-running manager of the offering.