Top Ships Inc (TOPS)

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Top Ships Announces Management Estimate of Diluted Net Asset Value Per Share of $5.27
March 08 2023 - 09:00AM
GlobeNewswire Inc.

TOP Ships Inc. (the “Company” or “Top Ships”) (NASDAQ:TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that the Company’s management estimates the company’s Net Asset Value (“NAV”), based on charter free vessel values, debt and cash as of December 31, 2022 as adjusted for the equity offering that priced on February 14, 2023, to be $286 million.
This translates into an NAV of $14.05 per common share (based on number of common shares currently outstanding) and $5.27 per common share on a fully diluted basis (assuming exercise of all outstanding warrants for cash and conversion of all outstanding Series E perpetual preferred shares at their current conversion price).

The Company also announced that as of today it has 3,834,082 Series F perpetual preferred shares outstanding.

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company. For more information about TOP Ships Inc., visit its website: www.topships.org.