- The stock price of Top Ships (TOPS) fell by over 23% intraday today. This is why.
The stock price of Top Ships (TOPS) fell by over 23% intraday today. This is why.
Why: Top Ships filed for a 2 million unit offering, which includes pre-funded warrants to purchase common shares and Class C warrants to purchase common shares
What else: Top Ships also announced yesterday that it has determined to effect a 1-for-20 reverse stock split of the company’s issued common shares. And 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.
When the reverse stock split becomes effective, every 20 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. And this will reduce the number of outstanding shares of the company’s common stock from approximately 56.7 million shares to approximately 2.8 million shares.