TOP Ships announces up to $11.11 million senior convertible debt offering
Bitget2026/10/28 00:55- TOP Ships entered a private placement agreement for $5.56 million in senior convertible notes, potentially totaling $11.11 million with a conditional second tranche.
- The first tranche is expected to close October 28, 2026, generating $5 million in gross proceeds at a 10% original issue discount.
- Unsecured notes carry 8% annual interest payable in cash or 10% payable in common shares.
- Maturity is 12 months, extendable to 18 months at the issuer's option with a 5% principal increase.
- The first tranche includes warrants to purchase 19,841,269 common shares at $0.28 each, exercisable immediately for five years.
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