TOP Ships announced that it has entered into a Securities Purchase Agreement with one institutional investor, pursuant to which the Company will sell 2.0 million common shares at a purchase price of $1.50 per share for gross proceeds of $3.0 million in a registered direct offering.
In connection with the issuance of the common shares, the Company will also issue warrants to purchase up to 3.5 million additional common shares. The warrants have an exercise price of $1.50 per share and will have a term of four months. The closing of the transaction is expected to occur on or about October 26, 2018, subject to the satisfaction of customary closing conditions.
Maxim Group LLC acted as the exclusive placement agent for the offering.