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The Inside Scoop on top ships inc (NASDAQ: TOPS)

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top ships inc (NASDAQ: TOPS) saw a fast move up the charts on Friday running from well under a dime to highs over $0.30 on over 300 million shares traded.

TOPS is a NASDAQ high flier that has come under hard times in recent months fueled by the Company running out of cash and being forced to accept less than desirable financing terms.

top ships inc (NASDAQ: TOPS) describes itself as an international owner of modern, fuel efficient “ECO” tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. Please see our “Fleet”. The Company was incorporated in the Republic of the Marshall Islands and has been trading on NASDAQ since July 2004 under the ticker “TOPS”.

The Company says it has established a reputation in the international ocean transport industry for operating and maintaining vessels with high standards of performance, reliability and safety. TOPS says its management team is comprised of executives with extensive experience in managing and operating large and diversified fleets of vessels, and with strong ties to a number of national, regional and international oil companies, charterers and traders. TOPS strategy is to grow the company’s fleet via acquisitions of newbuilding, resale or secondhand vessels of superior ECO design.

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TOPS

Back in December the Company announced it has received written notification from The Nasdaq Stock Market dated December 26, 2019, indicating that because the closing bid price of the Company’s common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until June 23, 2020. The Company intends to monitor the closing bid price of its common stock between now and June 23, 2020 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement.

TOPS has been in steep decline since the Company ran out of cash and was forced to accept less than desirable financing terms which resulted in massive dilution. In December the Company entered into agreement with a major Chinese Financier in relation to a financing of up to $60.2 million for its recently acquired two newbuilding ultra-high specification scrubber-fitted 50,000 dwt Medium Range (“MR”) product/chemical tankers currently under construction at Hyundai Mipo Co., Ltd. in South Korea and due for delivery in February 2020.

Earlier this year the Company said its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to sell both vessels to unaffiliated third parties. Depending on when the closing of the sales take place and on prevailing USD Swap rates at the time of closing, the Company estimates that it will incur impairment charges ranging from $1.5 million to $3.5 million due to these sales (or losses per share ranging from $0.51 to $1.20) that will affect the year ended 2019 financial results and also estimates the cash release to the Company to range from $19 million to $21 million. TOP Ships Inc. is an international ship-owning company.

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TOPS went into beast on Friday running from well under a dime to highs over $0.30 on over 300 million shares traded, a real feat considering there are only 25m shares outstanding. TOPS has been in steep decline since the Company ran out of cash and was forced to accept less than desirable financing terms which resulted in massive dilution. In December the Company entered into agreement with a major Chinese Financier in relation to a financing of up to $60.2 million for its recently acquired two newbuilding ultra-high specification scrubber-fitted 50,000 dwt Medium Range (“MR”) product/chemical tankers currently under construction at Hyundai Mipo Co., Ltd. in South Korea and due for delivery in February 2020. Everyone knows how these big boards can move once they are in pennies and TOPS has been no exception; the Company says it is motivated to get its pps back over $1 by July to meet the min bid requirements and Investors are waiting to see what moves the Company makes to achive this. We will be updating on TOPS when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TOPS.

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Disclosure: we hold no position in TOPS either long or short and we have not been compensated for this article.

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