Top Ships Announces Termination of ATM Program of $19.7 Million

Rhea-AI Summary

TOP Ships Inc. has announced the termination of its equity distribution agreement with Maxim Group LLC, ceasing the sale of its common shares under an at-the-market (ATM) equity offering program, which had an aggregate limit of $19.7 million. The company has reported net proceeds of approximately $2.0 million from this program. The decision reflects a strategic shift in financing, as TOP Ships aims to focus on enhancing its operations and market position.

Positive

• Termination of unutilized ATM offering may signal strategic shift towards more effective capital management.

Negative

• Only $2.0 million raised from a potential $19.7 million indicates limited market demand for the company's shares.

ATHENS, Greece, Oct. 06, 2022 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced that it has given notice to terminate the equity distribution agreement for the sale of the Company’s common shares up to an aggregate amount of $19.7 million (the “Agreement”) with Maxim Group LLC in an “at-the-market” equity offering program (the “ATM”). The Company will make no further sales under the ATM. Net proceeds from sales under the ATM amounted to approximately $2.0 million.

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.

For more information about TOP Ships Inc., visit its website: www.topships.org. 

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

Contact:

Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org 

FAQ

What happened with TOP Ships Inc.'s ATM equity offering?

TOP Ships Inc. terminated its equity distribution agreement with Maxim Group LLC for an ATM offering, ceasing sales after raising approximately $2.0 million of the intended $19.7 million.

How much did TOP Ships Inc. raise from its equity program?

TOP Ships Inc. raised about $2.0 million from its ATM equity offering before terminating the agreement.

What is the significance of TOP Ships Inc. terminating the ATM offering?

The termination may indicate a strategic shift in the company’s approach to capital management and financing.