TOP Ships Prices $7.2M Direct Offering & Concurrent Private Placement

TOP Ships Inc TOPS entered into a securities purchase agreement with a single institutional investor to purchase ~$7.2 million of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement.
The combined effective purchase price for one common share and one warrant to purchase one common share will be $0.50.
TOP Ships agreed to sell 14.30 million common shares in a private placement, consummated concurrently with the registered offering, and agreed to issue warrants to purchase 14.3 million common shares.
The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an exercise price of $0.50 per common share.
The offerings are expected to close on or about June 7, 2022.
Price Action: TOPS shares are trading lower by 9.55% at $0.62 on the last check Friday.