TOP Ships Announces Closing of $13.5 Million Public Offering
December 06 2022 - 5:45PM
TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international
owner and operator of modern, fuel efficient "ECO" tanker vessels,
announced today the closing of its previously announced public
offering of 6,750,000 units at a price of $2.00 per unit. Each unit
consisted of one common share and one Class C warrant to purchase
one common share, which were immediately separated upon issuance.
The gross proceeds of the offering to the Company, before discounts
and commissions and estimated offering expenses, were 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 the date of issuance.
Maxim Group LLC acted as the sole placement
agent in connection with the offering.
The offering was conducted pursuant to the
Company's registration statement on Form F-1 (File No. 333-267545)
previously filed with and subsequently declared effective by the
Securities and Exchange Commission (“SEC”) on December 2, 2022. A
final prospectus relating to the offering has been filed with the
SEC and is available on the SEC’s website at http://www.sec.gov.
Copies of the final prospectus relating to this offering may be
obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New
York, NY 10022, at (212) 895-3745.
The Company expects to file promptly a
post-effective amendment solely for the purpose of converting the
registration statement for this offering from Form F-1 to Form
F-3.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. 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
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