TOP Ships Announces Reverse Stock Split
TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), announced today that
it has determined to effect a 1-for-25 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 May 29, 2020.
The reverse stock split will 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 Monday,
August 10, 2020 under the existing ticker symbol “TOPS”. The new
CUSIP number for the Company’s common stock will be Y8897Y
When the reverse stock split becomes effective, every 25 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
995.8 million shares to approximately 39.8 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 April 10, 2020, a copy of which is
available at www.sec.gov.
About TOP Ships Inc.
TOPS is an international owner and operator of modern, fuel
efficient “ECO” tanker vessels currently focusing on the
transportation of crude oil and petroleum products.
Cautionary Note Regarding Forward-Looking
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
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 Tsirikos Chief Financial Officer TOP Ships Inc. Tel:
+30 210 812 8107 Email: email@example.com