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Tuesday, November 24, 2020 11:42:30 AM
Top Ships Announces Adoption of Shareholder Friendly Measures and Purchase of Shares by CEO of the Company
TOP Ships Inc.
August 20, 2020
ATHENS, Greece, Aug. 20, 2020 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS) (the “Company” or “TOPS”) announced today that the Company has been advised that a company affiliated with its Chief Executive Officer, Evangelos Pistiolis, has today purchased an aggregate of 100,000 common shares of the Company in the open market.
In addition, the Company announced that for a period of 12 months following the date of this release:
(i) it will not conduct any equity offerings, public or private;
(ii) it will not conduct any reverse stock splits;
(iii) it will not pay any bonuses to its executive management; and
(iv) it will enter into a standstill agreement with Family Trading Inc., the holder of all of the Company’s outstanding Series E Preferred Shares and a company affiliated with its CEO, pursuant to which Family Trading will agree not to convert any of its Series E Preferred Shares into common shares, other than in connection with a change of control of the Company.
(v) CEO and his affiliates will not sell any shares.
The Company believes that the above actions will significantly enhance the trading stability of its common shares during the next 12 months.
Finally, the Company announced that it is proceeding with implementing its previously announced stock repurchase plan.
Mr. Pistiolis commented, “I believe that the current trading price of our common shares does not reflect the intrinsic value of the Company, as evidenced by my purchase today of 100,000 common shares in the open market, and that the actions we have taken today will benefit all shareholders.”
About TOP Ships Inc.
TOPS is an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products.
Recent TOPS News
- TOP Ships Inc. Announces Commencement of Time Charter at Very Strong Rate an Increase of 36% Over Previous Time Charter • GlobeNewswire Inc. • 05/02/2024 01:43:29 PM
- TOP Ships Inc. Announces Transfer of Listing to the NYSE American LLC • GlobeNewswire Inc. • 04/11/2024 08:30:00 PM
- Top Ships Inc. Announces Filing of 2023 Annual Report on Form 20-F • GlobeNewswire Inc. • 04/01/2024 12:30:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 02/14/2024 10:27:23 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 07:59:13 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/07/2024 02:45:04 PM
- TOP Ships Inc. Announces Vessel Refinancings and Full Redemption of Series F Perpetual Preferred Shares Held by Related Party • GlobeNewswire Inc. • 02/07/2024 02:23:00 PM
- TOP Ships Announces Share Repurchase Program • GlobeNewswire Inc. • 12/14/2023 01:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/14/2023 01:14:04 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/12/2023 01:30:04 PM
- Top Ships Announces Increase From Previously Announced Management Estimate of Net Asset Value to $344 Million and Contracted Revenue Backlog of $400 Million • GlobeNewswire Inc. • 12/12/2023 01:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/07/2023 01:30:05 PM
- TOP Ships Announces Increase in Shareholding by Pistiolis Family to 73% Via Full Conversion of Preferred Shares and Open-Market Purchases Demonstrating the CEO’S Commitment to the Company • GlobeNewswire Inc. • 12/07/2023 01:30:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/06/2023 09:30:09 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/04/2023 09:30:11 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 11/30/2023 09:30:11 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 11/28/2023 09:30:07 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/22/2023 02:15:04 PM
- TOP Ships Inc. Announces Extension of Time Charter Employment for Two VLCC Tankers • GlobeNewswire Inc. • 11/22/2023 02:15:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 11/08/2023 09:30:06 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/31/2023 08:30:18 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 10/17/2023 12:00:25 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/16/2023 12:30:06 PM
- Top Ships Inc. Announces Compliance with NASDAQ Minimum Bid Price Requirement • GlobeNewswire Inc. • 10/16/2023 12:30:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 10/04/2023 09:17:52 PM
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