Financing ·
TOP Ships raises $5M via $5.6M senior convertible notes due in 12 months
TOPSTop Ships Inc.
TOP Ships Inc. closed a private placement on October 28, 2026, issuing $5 million of Senior Convertible Notes with an aggregate principal amount of $5,555,555.56 to a single institutional investor. The notes bear interest at 8% if paid in cash or 10% if paid in shares, mature in 12 months (extendable to 18), and carry an original issue discount of 10%. The transaction includes Class D warrants exercisable at $0.28 per share for five years and approximately 992,064 commitment shares. Proceeds are designated for working capital.