Top Ships Announces Adoption of Shareholder Friendly Measures and Purchase of Shares by CEO of the Company
August 20 2020 - 1:45PM
TOP Ships Inc. (Nasdaq:TOPS) (the “Company” or “TOPS”) announced
today that the Company has been advised that a company affiliated
with its Chief Executive Officer, Evangelos Pistiolis, has today
purchased an aggregate of 100,000 common shares of the Company in
the open market.
In addition, the Company announced that for a
period of 12 months following the date of this release:
(i) it will not conduct any equity offerings,
public or private;
(ii) it will not conduct any reverse stock
splits;
(iii) it will not pay any bonuses to its
executive management; and
(iv) it will enter into a standstill agreement
with Family Trading Inc., the holder of all of the Company’s
outstanding Series E Preferred Shares and a company affiliated with
its CEO, pursuant to which Family Trading will agree not to convert
any of its Series E Preferred Shares into common shares, other than
in connection with a change of control of the Company.
(v) CEO and his affiliates will not sell any
shares.
The Company believes that the above actions will
significantly enhance the trading stability of its common shares
during the next 12 months.
Finally, the Company announced that it is
proceeding with implementing its previously announced stock
repurchase plan.
Mr. Pistiolis commented, “I believe that the
current trading price of our common shares does not reflect the
intrinsic value of the Company, as evidenced by my purchase today
of 100,000 common shares in the open market, and that the actions
we have taken today will benefit all shareholders.”
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 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 Tsirikos Chief Financial Officer TOP Ships Inc. Tel:
+30 210 812 8107 Email: atsirikos@topships.org
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