TOP Ships Announces Reverse Stock Split
September 21 2022 - 04:30PM
TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), announced today that
it has determined to effect a 1-for-20 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 23, 2022 under the existing
ticker symbol “TOPS”. The new CUSIP number for the Company’s common
stock will be Y8897Y 198.
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. 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.
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, American
Stock Transfer & Trust Company, LLC, as to how to exchange
existing share certificates for new certificates representing the
post-reverse split shares.
Additional information about the reverse stock
split can be found in the Company’s proxy statement furnished to
the Securities and Exchange Commission on August 9, 2022, a copy of
which is available at www.sec.gov.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning
company. For more information about TOP Ships Inc., visit its
website: www.topships.org.
Cautionary Note Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute “forward-looking statements” within the meaning of the
U.S. federal securities laws. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 and is including this cautionary statement in connection
with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect” “pending” and similar
expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
For further information please
contact:
Alexandros TsirikosChief Financial OfficerTOP Ships
Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org
TOP Ships (NASDAQ:TOPS)
Historical Stock Chart
From Feb 2024 to Mar 2024
TOP Ships (NASDAQ:TOPS)
Historical Stock Chart
From Mar 2023 to Mar 2024