InvestmentApr 26, 2026, 05:33 AM
TOPS enters $50M common stock purchase agreement with B. Riley
AI Summary
TOP SHIPS INC. has entered into a Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC, effective April 24, 2026. This agreement allows the Company, at its sole discretion, to issue and sell up to $50,000,000 in aggregate gross purchase price of its common stock to the investor. The sales will be executed through VWAP and Intraday VWAP purchases, with the investor obligated to purchase upon the Company's direction. A Registration Rights Agreement was also signed to facilitate the resale of these securities by the investor.
Key Highlights
- TOP SHIPS INC. entered into a Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC.
- The agreement allows TOP SHIPS to sell up to $50,000,000 in common stock.
- Sales will be made at the Company's discretion through VWAP and Intraday VWAP purchases.
- Investor's beneficial ownership is limited to 4.99% of outstanding common stock.
- 50,000,000 shares of Common Stock have been authorized and reserved for issuance.
- A Registration Rights Agreement was concurrently signed for the resale of securities.