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TOP Ships Inc.  Equity Issuance Likely Complete.  For Now.

|About: TOP Ships Inc. (TOPS)

Summary

TOPS had $8.8 million of share issuance remaining under the current $25 million shelf as of November 22nd.

During the 11 trading days since November 22nd, more than 110 million shares have traded.  TOPS issued $8.8 million of common over the six day trading period ending November 22nd.

TOPS therefore has likely completed its current equity offering.  It has also likely closed its funding gap for the vessels under construction.

Background

My last update on TOP Ships Inc (TOPS) current equity offering may be found here:  https://seekingalpha.com/article/4127682-top-ships-inc-expect-another-reverse-split-year-end

Here is a response to a discussion of the status of the current equity issuance that I wrote today.

TOPS has not provided an equity issuance update for 11 trading days. Approximately 110 million shares (and counting) have traded during that time period. There was $8.8 million left to issue on November 22nd. TOPS issued $8.8 million of stock in the six trading days between November 14th and 22nd (on 40% less traded volume), so there is a non trivial chance that the $8.8 million of issuance remaining at November 22nd (of a $25 million shelf) will be completed by the close today. TOPS will certainly issue more equity in the future when it acquires additional vessels or contracts for the construction of additional vessels, but the question is when. If TOPS does not announce a new equity offering or a reverse stock split in concert with the equity issuance update tonight, the stock could bounce. It is a dangerous time to be either short or long TOPS, but the risk of being short may, at least temporarily, outweigh the risk of being long at the close today.