TOP Ships Announces Reverse Stock Split
22 August 2019 - 1:00AM
TOP Ships Inc. (Nasdaq: TOPS), an international ship-owning company
(the “Company”), announced today that it has determined to effect a
1-for-20 reverse stock split of the Company’s issued common shares.
The Company's shareholders approved the reverse stock split and
granted the Board the authority to determine the exact split ratio
and when to proceed with the reverse stock split at the Company's
Annual Meeting of Shareholders held on August 7, 2019.
The reverse stock split will take effect, and
the Company's common stock will begin trading on a split-adjusted
basis on the NASDAQ Capital Market, as of the opening of trading on
Thursday, August 22, 2019 under the existing ticker symbol "TOPS".
The new CUSIP number for the Company's common stock will be Y8897Y
164.
When the reverse stock split becomes effective,
every 20 shares of the Company's issued and outstanding common
stock will be automatically combined into one issued and
outstanding share of common stock without any change in the par
value per share or the total number of authorized shares. This will
reduce the number of outstanding shares of the Company's common
stock from approximately 31.7 million shares to approximately 1.6
million shares.
No fractional shares will be issued in
connection with the reverse split of the issued and outstanding
common stock. Shareholders shall be paid cash-in-lieu of a
fractional shares that occur as a result of the reverse stock
split. Shareholders will receive instructions from the Company's
exchange agent, American Stock Transfer and Trust, as to how to
exchange existing share certificates for new certificates
representing the post-reverse split shares.
Additional information about the reverse stock
split can be found in the Company's proxy statement furnished to
the Securities and Exchange Commission on July 19, 2019, a copy of
which is available at www.sec.gov.
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 TsirikosChief Financial OfficerTOP
Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org
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