TOP Ships’ stock sinks on heavy volume after stock offering prices at deep discount
Shares of TOP Ships Inc. plunged 25% in active premarket trading Friday, after the Greece-based operator of tanker ships disclosed that an direct offering of 59.4 million common shares priced at 13.5 cents a share. The pricing represented a 29% discount to Thursday’s closing price of 19.05 cents.
Trading volume was 17.4 million shares ahead of the open. The company said the gross proceeds from the offering was $8.0 million. The stock has plunged 70.3% over the past three months through Thursday, while the S&P 500 has lost 15.6%.