Corporate ActionApr 26, 2026, 05:33 AM
TOPS enters $50M Common Share Purchase Agreement
AI Summary
TOP Ships Inc. has entered into a Common Share Purchase Agreement with B. Riley Principal Capital II, LLC, allowing the company to sell up to $50.0 million of its common shares over a 36-month period. The sales are at the company's discretion, with the purchase price set at 97% of the volume weighted average price. Funds raised are intended for general corporate purposes, debt repayment, and fleet expansion. A related Registration Rights Agreement was also executed to facilitate the resale of these shares.
Key Highlights
- TOP Ships Inc. entered a Common Share Purchase Agreement with B. Riley Principal Capital II, LLC for up to $50.0 million in common shares.
- The company has the right to sell shares over a 36-month period, subject to certain conditions and limitations.
- The purchase price per share will be 97% of the volume weighted average price (VWAP) during the purchase valuation period.
- Sales are contingent on the common shares' closing price not being less than $1.00 on the preceding trading day.
- Proceeds from sales will be used for general corporate purposes, debt repayments, and fleet expansion.
- A commitment fee of 1% of the maximum aggregate purchase price ($500,000) is payable to B. Riley Principal Capital II.
- A Registration Rights Agreement was also signed, requiring the company to file registration statements for the resale of common shares.
Price Impact
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