Top Ships Inc. announces corporate development
24 November 2016 - 12:30AM
TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company
(the “Company”), announced today that it has entered into a
definitive securities purchase agreement with an institutional
investor to raise approximately $3 million in a private placement
of 3,160 Series B Convertible Preferred Shares, which are
convertible into common shares of the Company (with the number of
common shares issuable subject to adjustment as described
therein). The Company closed on the initial portion of 1,579
Series B Convertible Preferred Shares on November 22, 2016 for
total gross proceeds of approximately $1.5 million.
The Company’s common shares are listed on the
Nasdaq Capital Market under the symbol “TOPS.” Currently, the
Company has 5,680,241 common shares issued and outstanding.
The Series B Convertible Preferred Shares will not be listed on any
national securities exchange and have no established public trading
market and the Company does not expect a market to develop for the
Series B Convertible Preferred Shares.
The conversion of the Series B Convertible
Preferred Shares may result in an adjustment of the exercise price
of the Company’s outstanding warrants which were issued on June 11,
2014.
The securities to be sold in the private
placement will not be registered under the Securities Act of 1933,
as amended, or state securities laws as of the time of issuance and
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission (the “SEC”) or an
applicable exemption from such registration requirements. The
Company has agreed to file one or more registration statements with
the SEC registering the common shares issuable upon conversion of
the Series B Convertible Preferred Shares.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful.
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 Tsirikos
Chief Financial Officer
TOP Ships Inc.
1, Vassilissis Sofias Str. &
Meg. Alexandrou Str.
151 24, Maroussi, Greece
Tel: +30 210 812 8180
Email: atsirikos@topships.org
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