Why TOP Ships Stock Is Sinking To 52-Week Lows Today

TOP Ships Inc TOPS shares are trading lower Monday after the company announced the pricing of a public offering.

TOP Ships said it will offer 6.75 million units for $2 per unit. Each unit consists of one common share and one Class C warrant to purchase one common share. The gross proceeds of the offering are expected to be approximately $13.5 million.

Each Class C warrant is immediately exercisable for one common share at an exercise price of $2 per share and will expire five years from issuance. The offering is expected to close on or about Dec. 6.

TOP Ships is an international ship-owning company. 

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TOPS Price Action: TOP Ships is making new 52-week lows on Monday.

The stock was down 61.3% at $1.72 at time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.