INFORMATION CONTAINED IN THIS FORM 6-K REPORT
TOP Ships Inc. (the "Company") announced today that since February 9, 2018 it has issued and sold 21,000,000 common shares par value $0.01 per share pursuant to its previously announced purchase agreement by and among the Company and Crede Capital Group LLC dated December 11, 2017 (the "Second Purchase Agreement"). As a result of these issuances, the Company currently has issued and outstanding 153,736,175 shares. As of the date hereof, up to $8.4 million worth of shares is remaining that the Company may sell pursuant to the Second Purchase Agreement.
Furthermore, in connection with sales completed under the Second Purchase Agreement, the Exercise Price (as defined in the Warrant Agreement) of the Warrants (the "Warrants") issued in a public offering by the Company pursuant to the warrant agreement dated June 11, 2014 (the "Warrant Agreement") is adjusted to $0.17 and the number of common shares of the Company purchasable by each Warrant is 14.66 Warrant Shares (as defined in the Warrant Agreement). Also, as previously announced, the issuance of the Series C Convertible Preferred Shares constitutes an issuance of Variable Price Securities (as defined in the Warrant Agreement) and that, pursuant to Section 2(d) of the Warrant Agreement, each Holder shall have the right, but not the obligation, to, in any exercise of Warrants, adopt the Variable Price (as defined in the Warrant Agreement) at which the Series C Convertible Preferred Shares are convertible as the Exercise Price of the Warrants.
The information contained in this report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-215577) that was filed with the SEC and became effective on February 1, 2017.
