TOP Ships Announces 1-for-10 Reverse Stock Split and $5 Million Convertible Note Offering
TOP Ships (TOPS) has announced a strategic capital restructuring, including a 1-for-10 reverse stock split scheduled to take effect on November 6. This move is accompanied by a private placement of senior convertible notes and warrants designed to bolster the company's liquidity. The financing involves $5.56 million in notes issued at a 10% original issue discount, which will generate approximately $5 million in initial gross proceeds. The combination of the reverse split and the new debt offering aims to restructure the company's equity base and secure necessary capital for ongoing operations.
Topics: convertible notes private placement reverse stock split
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