AcquisitionsMay 13, 2026, 04:42 PM
TOP Ships acquires 9 tanker entities, issues $14M Series G Preferred Shares
AI Summary
TOP Ships Inc. announced the acquisition of entities (Tanker SPVs) that hold shipbuilding contracts for nine 47,499 dwt MR chemical/product oil tankers. The acquisition, made from Central Mare, a related party, involved settling $14.0 million of the purchase price through the issuance of 14,000 Series G Preferred Shares on March 31, 2026. Additionally, the filing detailed the company's indemnification provisions for directors and officers, aligning with the Business Corporation Act of the Republic of The Marshall Islands.
Key Highlights
- TOP Ships acquired entities with contracts for nine 47,499 dwt MR chemical/product oil tankers.
- $14.0 million of the purchase price was settled via Series G Preferred Shares.
- 14,000 Series G Preferred Shares were issued on March 31, 2026.
- The acquisition was made from Central Mare, a related party.
- Shares were issued exempt from registration under Section 4(a)(2) or Regulation S.
- Directors and officers are indemnified for good faith actions under Marshall Islands law.
- Indemnification covers expenses, judgments, fines, and settlement amounts.
- Expenses may be advanced with an undertaking to repay if not entitled to indemnification.