By Devika Patel
Knoxville, Tenn., Aug. 14 - Top Ships Inc. will issue up to 57,949,900 shares to YA Global Master SPV Ltd. under a $200 million three-year standby equity distribution agreement that priced July 1, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The shares will be sold at a 2.75% discount.
The amount of each advance is generally limited to the greater of $1.5 million divided by the volume weighted average price of the stock on the trading day immediately prior to the advance date or the number of shares equal to 20% of the average of the volume traded on each of the five trading days immediately prior to the advance date.
Maroussi, Greece-based Top Ships is a provider of international seaborne transportation services carrying refined petroleum products and crude oil.
| Issuer: | Top Ships Inc.
|
| Issue: | Standby equity distribution agreement
|
| Amount: | $200 million
|
| Shares: | 57,949,900
|
| Tenor: | Three years
|
| Price: | 97.25% of market price
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Pricing date: | July 1
|
| Stock symbol: | Nasdaq: TOPS
|
| Stock price: | $2.10 at close July 1
|
| Market capitalization: | $51.5 million
|
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