TOPS Goes Active

On Friday, Top Ships filed the prospectus supplement with respect to its Standby Equity Distribution Agreement with YA Global Master SPV making the deal effective. The offering has been downsized by approximately 17.8% to 57.9 million shares from the original registration statement that had incorporated 70.5 million shares.

Assuming the full issuance of 57.9 million shares are sold at a price equal to 97.25% of the stated price of $1.82, net proceeds to the company would approximate $102.4 million. On a pro forma basis this would reduce the ratio of debt to total capitalization from 60.1% to 52.4%

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