TOP Ships secures $5M convertible note financing deal

TOP Ships Inc. (NYSE American: TOPS) has secured a $5M convertible note financing deal, as announced on Monday. The company expects to receive $5,000,000 at the first closing, scheduled for today, with the notes carrying an 8.00% interest rate if paid in cash or 10.00% if paid in common shares. The notes mature 12 months after issuance, with an option to extend to 18 months, and are convertible at a price determined by the lower of the closing price immediately prior to issuance or the average closing price over the five days prior to issuance, with a floor price of $0.50 per share. Additionally, the company will issue warrants and commitment shares as part of the agreement.

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