TOP Ships Inc. Announces Completion Of Atm And Conclusion Of Sale Of One Of Its 50% Owned Vessels

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that its 50% subsidiary, City of Athens Pte., concluded the previously announced sale of its 100% owned vessel, M/T Holmby Hills, and that the cash release to the Company amounts to $10.2 million.

Furthermore the Company expects to conclude the sale of its second 50% owned vessel (also previously announced) within the second week of April and depending on the exact date that the sale takes place and on prevailing USD Swap rates at the time of closing, the Company estimates that the cash release from that sale will also result in a cash release of about $10 million.

The Company also announced that on March 27, 2020 the Equity Distribution Agreement with Maxim Group LLC (the “ATM”) that the Company entered into on March 11, 2020 was completed.