According to a relevant filing, Top Ships has signed a Common Share Purchase Agreement with B. Riley Principal Capital II, giving the firm the option to sell up to $50 million of its common shares over a 36‑month period, subject to pricing, volume and ownership caps.
The flexible equity facility, priced at a 3% discount to VWAP and constrained by a 4.99% ownership ceiling and a $1.00 minimum share price, is expected to boost Top Ships’ funding options for working capital, debt reduction and fleet expansion, including the construction of nine MR chemical/product tankers.