TOPS•TOP Ships announced a $5 million private placement of senior convertible notes and warrants, with a $5.56 million principal carrying a 10% original issue discount. A conditional second tranche could raise another $5 million.
The company said the placement is expected to close October 28, 2026. The notes carry 8% annual interest payable in cash or 10% in common shares, mature in 12 months and may be extended to 18 months, increasing principal by 5%.
The initial issuance includes warrants for 19,841,269 common shares at $0.28 each, along with 992,064 commitment shares or pre-funded warrants. A conditional second tranche could raise another $5 million through additional senior convertible notes and warrants.
