TOP Ships announces up to $11.11 million senior convertible debt offering
TOPS•TOP Ships entered a private placement agreement for $5.56 million in senior convertible notes, with a conditional second tranche that could bring the total to $11.11 million. The first tranche is expected to close October 28, 2026, and generate $5 million in gross proceeds.
1. Convertible note terms
The unsecured notes carry 8% annual interest payable in cash or 10% payable in common shares. They mature in 12 months, with an issuer option to extend maturity to 18 months in exchange for a 5% principal increase.
2. Warrants included
The first tranche includes warrants to purchase 19,841,269 common shares at $0.28 per share. The warrants are immediately exercisable and expire after five years.
