TOP Ships announced that it has entered into a placement agency agreement with Maxim Group LLC relating to the sale of the Company’s common shares.
Pursuant to the Placement Agency Agreement, the Company entered into a securities purchase agreement with certain institutional investors in connection with a registered direct offering of an aggregate of 51,700,000 common shares at a public offering price of $0.135 per share.
The aggregate gross proceeds of the Registered Offering is $7.0 million. The Registered Offering is expected to close on or about May 21, 2020, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is the sole placement agent in connection with the offering.