ATHENS, Greece, May 02, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NYSE: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has commenced its previously announced time charter employment contract with a high-quality counterparty for its product/chemical tanker M/T Eco Marina Del Rey.
Key Points:
- ATHENS, Greece, May 02, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NYSE: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has commenced its previously announced time charter employment contract with a high-quality counterparty for its product/chemical tanker M/T Eco Marina Del Rey.
- The new time charter will have a firm duration of 3 years with an additional year at the charterer’s option.
- The revenue backlog expected to be generated by this fixture is about $22.4 million for the firm period and about $30.7 million if the charterer exercises the option to extend for one additional year.
ATHENS, Greece, April 11, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “Top Ships”) (NASDAQ: TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it will transfer the listing of its common shares from the Nasdaq Capital Market (“Nasdaq”) to the NYSE American LLC (“NYSE American”).
Key Points:
- ATHENS, Greece, April 11, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “Top Ships”) (NASDAQ: TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it will transfer the listing of its common shares from the Nasdaq Capital Market (“Nasdaq”) to the NYSE American LLC (“NYSE American”).
- The Company expects to commence trading as a NYSE American-listed company at market open on April 24, 2024 under its existing ticker symbol, “TOPS.” The Company’s shares will continue to trade on the Nasdaq until the market close on April 23, 2024, beginning trading on the NYSE American at market open on the next trading day without interruption or impact to investors.
- Company investors are not required to take any action.
- We believe listing on the NYSE American will enhance long term value for our shareholders.”
ATHENS, Greece, April 01, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that its annual report on Form 20-F for the year ended December 31, 2023 (the “Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “Commission”).
Key Points:
- ATHENS, Greece, April 01, 2024 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that its annual report on Form 20-F for the year ended December 31, 2023 (the “Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “Commission”).
- The Annual Report may be accessed through the Company’s website, www.topships.org, or on the website of the Commission, www.sec.gov.
Retrieved on:
Wednesday, February 7, 2024
The proceeds after repayment of previous debt of the already-concluded financings amounted to $47.9 million, $43.9 million of which was used to fully redeem the Company’s outstanding Series F perpetual preferred shares, held by a related party, pursuant to their terms.
Key Points:
- The proceeds after repayment of previous debt of the already-concluded financings amounted to $47.9 million, $43.9 million of which was used to fully redeem the Company’s outstanding Series F perpetual preferred shares, held by a related party, pursuant to their terms.
- The Company expects significant cashflow savings following the full redemption of the Series F perpetual preferred shares that carried a dividend of 13.5% per annum and 36,596,274 votes.
- The redemption of the Series F perpetual preferred shares was approved by the independent members of the board of directors.
- At the end of the seven-year period we have an option to buy back the vessel for a consideration of $14 million.
Retrieved on:
Thursday, December 14, 2023
ATHENS, Greece, Dec. 14, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “Top Ships”) (NASDAQ:TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today a share repurchase program.
Key Points:
- ATHENS, Greece, Dec. 14, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “Top Ships”) (NASDAQ:TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today a share repurchase program.
- The Company’s Board of Directors (the “Board”) today authorized a share repurchase program under which the Company may repurchase up to $4 million of its outstanding common shares, representing approximately 5.2% of the Company’s market capitalization as of December 13, 2023, for a period of three months (the “Repurchase Program”).
- The Board will periodically review the Company’s Repurchase Program, and may decide to extend its term or increase the authorized amount.
- The repurchase program may be suspended or discontinued at any time.
Retrieved on:
Tuesday, December 12, 2023
This translates into a NAV of $74.36 per common share (based on number of common shares currently outstanding) and $61.15 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants for cash).
Key Points:
- This translates into a NAV of $74.36 per common share (based on number of common shares currently outstanding) and $61.15 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants for cash).
- The Company further announced that its Board of Directors is currently considering and reviewing the adoption of shareholder friendly measures, potentially including a share buyback plan.
- “As per yesterday’s market close, we are trading at a 71% discount to our current estimate of the fully-diluted Net Asset Value of the Company.
- The contracted revenue backlog of about $400 million is about 5 times the revenues for the entire year of 2022 and about 1.9 times our debt as presented on our balance sheet, net of cash, on June 30, 2023.
Retrieved on:
Thursday, December 7, 2023
Following this issuance, as of the date hereof, the total number of common shares outstanding is 4,626,224, and the CEO together with his family trust owns 3,377,164 common shares, or 73.0% of the outstanding common shares.
Key Points:
- Following this issuance, as of the date hereof, the total number of common shares outstanding is 4,626,224, and the CEO together with his family trust owns 3,377,164 common shares, or 73.0% of the outstanding common shares.
- The common shares issued on conversion of the Series E preferred shares are restricted shares under the Securities Act of 1933, as amended.
- “As I have mentioned on various occasions, the recent trading price of our common shares clearly does not reflect the intrinsic value of the Company.
- I therefore decided, as I have disclosed through recent SEC filings, to acquire a significant shareholding of 446,030 common shares in open-market purchases, thus clearly demonstrating my commitment and support to this company.”
Retrieved on:
Wednesday, November 22, 2023
ATHENS, Greece, Nov. 22, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has agreed to extend the time charter employment contracts of its two VLCC vessels, M/T Julius Caesar and M/T Legio X Equestris, at an increased rate.
Key Points:
- ATHENS, Greece, Nov. 22, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has agreed to extend the time charter employment contracts of its two VLCC vessels, M/T Julius Caesar and M/T Legio X Equestris, at an increased rate.
- Specifically, the firm period will be extended for approximately 3 years at a daily rate of $41,500 per vessel with two additional years at the charterer’s option.
ATHENS, Greece, Oct. 16, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that NASDAQ notified the Company that it has regained compliance with the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2).
Key Points:
- ATHENS, Greece, Oct. 16, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that NASDAQ notified the Company that it has regained compliance with the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2).
Retrieved on:
Thursday, September 28, 2023
ATHENS, Greece, Sept. 28, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), announced today that it has determined to effect a 1-for-12 reverse stock split of the Company’s issued common shares.
Key Points:
- ATHENS, Greece, Sept. 28, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), announced today that it has determined to effect a 1-for-12 reverse stock split of the Company’s issued common shares.
- The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on September 5, 2022.
- When the reverse stock split becomes effective, every 12 shares of the Company’s issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share or the total number of authorized shares.
- Shareholders shall be paid cash-in-lieu of a fractional shares that occur as a result of the reverse stock split.
