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Top Ships Inc. (Nasdaq:TOPS) announced today the pricing of an underwritten public offering of 10,000,000 shares of its common stock, and warrants to purchase 5,000,000 common shares, at $2.00 per common share and $0.00001 per warrant. The warrants have an exercise price of $2.50 per share, are exercisable immediately, and 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 1,500,000 common shares and/or up to 750,000 additional warrants to cover over-allotments, if any.
The offering is expected to close on June 11, 2014. The gross proceeds from this offering before deducting the underwriting discount and other offering expenses payable by the Company are expected to be $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. is acting as the sole book-running manager of the offering.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on June 6, 2014. A preliminary prospectus relating to the offering was filed with the SEC, and a final prospectus will be available on the SEC’s website.
Top Ships Inc. is an international ship-owning company.
