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Tag: TOPS STOCK

  • Top Ships (TOPS) Stock Climbs On Strategic Spin-Off Initiative

    Top Ships (TOPS) Stock Climbs On Strategic Spin-Off Initiative

    Top Ships Inc. (NYSE: TOPS) witnessed a substantial surge in its share price today, climbing 33.94% to $7.42 following the announcement of a major corporate restructuring. TOPS announced plans to spin off two of its Suezmax tankers into Rubico Inc., a new company that would go public on the Nasdaq Capital Market.

    Rubico to Debut with Modern Suezmax Tankers

    Rubico Inc., currently a subsidiary of Top Ships, will become a stand-alone public company post spin-off. The initial assets of Rubico will include two high-specification, environmentally advanced Suezmax tankers — the M/T Eco Malibu and M/T Eco West Coast. Each vessel boasts a 157,000 dwt capacity, is scrubber-equipped, and designed for fuel efficiency, positioning Rubico as a notable entrant in the tanker market.

    Share Distribution and Key Dates Announced

    Top Ships will provide its current securityholders all of Rubico’s common shares as part of the spin-off procedure. For every two TOPS shares owned, shareholders of record as of June 16, 2025, will get one Rubico share. It is projected that the distribution will occur on or around June 30, 2025. Holders of outstanding Top Ships warrants will also be eligible for the allocation, which will be determined on an as-executed basis.

    Fractional shares will not be issued. Instead, the distribution agent will pool such shares, sell the resulting whole shares on the open market, and distribute the net cash proceeds proportionally to affected investors.

    Private Placement to Support New Entity

    Rubico intends to raise $1.5 million through a private placement in conjunction with the spin-off, selling its common shares for $20 apiece. The offering is contingent upon the completion of the spin-off and is expected to close simultaneously with the share distribution.

    Following the transaction, there will be no shared executives or board members between Top Ships and Rubico, marking a clear structural and operational separation between the two companies.

  • TOP Ships Inc. (TOPS) stock Advances Further After Hours. Any Reasons?

    TOP Ships Inc. (TOPS) stock Advances Further After Hours. Any Reasons?

    On March 04, 2022, TOP Ships Inc. (TOPS) stock advanced further in the after-hours to add a good 13.27%. The company submitted a filing Schedule 13D/A with the SEC on the same day.

    Source: Uni of Utah

    During the regular session, the stock remained bullish with a gain of 4.63% at its closing price of $1.1300 per share. The stock fluctuated between $1.0100 and $1.1315 at a volume of 2.22 million shares during the session. Following this, TOPS’ bullish momentum escalated in the after-hours as it added a further $0.15 or 13.27%. Hence, the stock had a value of 41.2800 per share in the after-hours on Friday.

    The international owner and operator of tanker vessels, TOP Ships Inc. works in the transport of crude oil, petroleum products as well as liquid chemicals. Currently, the company has a market capitalization of $45.01 million with its 39.83 million outstanding shares.

    What Happened?

    TOPS stock had been in a downtrend for two days, since March 02, 2022. On the same day, during the after-hours, the company had announced news regarding a supertanker delivery. It seems the stock made some gains on the news in the after-hours to resume the downtrend in the following regular session. After falling down for two days, the stock rebounded in the regular session on Friday. The stock’s bullish momentum increased in the following after-hours session as the company filed Schedule 13D/A on the same day. While the filing might be possibly one reason for the recent bullishness the energy price hikes might also have contributed. TOPS is not an energy stock in itself but it is linked to the industry. Thus, the energy price hike might have impacted the stock as well.

    Standing at a year-to-date gain of 35.33%, the stock has added 22.80% in the past five days. Moreover, TOPS subtracted over 44.6% in the past year.

    TOPS’ Supertanker Delivery

    On March 02, the company announced taking delivery of a very high specification Very Large Crude Oil Carrier (VLLC). The VLCC is scrubber fitted 300,000 dwt newbuilding vessel M/T Legio X Equestris constructed at Hyundai Heavy Industries in South Korea. In a few days, the vessel will be prepared to commence its employment charter with a major oil trader for three years. The charter has an option for two yearly extensions as well.

    Additionally, TOPS expects a revenue contribution of $10.8 million from the charter in 2022 alone.

    On February 22, the company had also announced chartering developments for 3 Suezmax vessels with new time charter employment for 2 and amendment for the other (time increased from 5 years to 15).