TOP Ships announced that it has determined to effect a 1-for-12 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 September 5, 2022.
The reverse stock split is expected to 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 Friday, September 29, 2023 under the existing ticker symbol “TOPS.” The new CUSIP number for the Company’s common stock will be Y8897Y 230.
When the reverse stock split becomes effective, every 12 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 20.3 million shares to approximately 1.7 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, Equiniti Trust Company, LLC, as to how to exchange existing share certificates for new certificates representing the post-reverse split shares.