- The stock price of TOP Ships (TOPS) dropped over 60% pre-market today. This is why.
The stock price of TOP Ships (TOPS) dropped over 60% pre-market today.
Why: TOP Ships announced the pricing of a public offering of 6,750,000 units at a price of $2 per unit. Each unit consists of one common share and one Class C warrant to purchase one common share and will immediately separate upon issuance.
Proceeds: The gross proceeds of the offering to the company, before discounts and commissions and estimated offering expenses, are expected to be approximately $13.5 million.
Each Class C warrant is immediately exercisable for one common share at an exercise price of $2.00 per share and will expire five years from issuance. And the offering is expected to close on or about December 6, 2022, subject to customary closing conditions.
Placement agent: Maxim Group LLC is acting as the sole placement agent in connection with the offering.