TOP Ships Prices $7.2M Direct Offering & Concurrent Private Placement

• TOP Ships Inc (NASDAQ:TOPS) entered into a securities purchase agreement with a single institutional investor to purchase ~$7.2 million of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement.
• The combined effective purchase price for one common share and one warrant to purchase one common share will be $0.50.
• TOP Ships agreed to sell 14.30 million common shares in a private placement, consummated concurrently with the registered offering, and agreed to issue warrants to purchase 14.3 million common shares.
• The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an exercise price of $0.50 per common share.
• The offerings are expected to close on or about June 7, 2022.
• Price Action: TOPS shares are trading lower by 9.55% at $0.62 on the last check Friday.