Top Ships is enacting a 20-for-1 reverse stock split.
The New York-traded, Evangelos Pistiolis-led tanker owner announced the move Wednesday after shareholders approved the move at the company's annual meeting 7 Aguust. The reverse split will be effective at the start of trading Thursday.
The company has 32 million outstanding shares according to Securities and Exchange Commission filings, trading mid-day Wednesday at $0.34, down just over $0.02.
The move will leave Top Ships with 1.6 million outstanding shares.
It will also get Top Ships shares trading above $1, which it has not done since January.
Shares hit a 52-week low last week, trading at $0.32.