TOP Ships announced that it has entered into a securities purchase agreement with several institutional investors to purchase approximately $13.6 million of its units in a registered direct offering at a price of $1.35 per unit. Each unit will consist of one common share (or pre-funded warrant in lieu thereof) and one warrant and will immediately separate upon issuance.
The warrants will be immediately exercisable, will expire five years from the date of issuance and will have an exercise price of $1.35 per common share. Additionally, pursuant to the terms of the Company’s existing Class C warrants issued to investors on December 6, 2022, the Company has agreed to reduce the exercise price per common share under these warrants to $1.35 per common share from an original exercise price of $2.00 per common share.
Maxim Group LLC is acting as the sole placement agent in connection with the offering.
The offering is expected to close on or about February 16, 2023, subject to the satisfaction of customary closing conditions.