Greek shipowner Top Ships is ditching the Nasdaq for a listing on the New York Stock Exchange in a bid to boost shareholder value.
The tanker company will make its debut on the NYSE American board on 24 April.
The owner is currently listed on the Nasdaq Capital Market in New York.
Chief executive Evangelos Pistiolis said: “We are very excited to join the New York Stock Exchange and have our shares trade alongside some of the world’s most respected companies.”
“We believe listing on the NYSE American will enhance long-term value for our shareholders,” he added.
NYSE American is geared towards growing companies. It was formerly known as the American Stock Exchange (AMEX).
Top Ships is currently trading at $13.33 per share, giving it a market cap of $61.7m.
The price was as high as $126 in 2019.
NYSE American has a number of different standards for listing.
The minimum share price is $2 for companies with a market cap of above $50m.
Gaining traction
The NYSE has been proving popular with shipowners in recent months.
Oslo-listed BW Group tanker company Hafnia listed there this week, with BW LPG also plotting a similar move.
Top Ships owns two VLCCs, three suezmaxes and three MRs.
In December, Pistiolis and his family demonstrated their commitment by lifting their stake to 73%.
The company carried out a reverse stock split at the end of September to boost its price back above the $1 minimum for the Nasdaq.
Every 12 shares were converted to one share.
To finance part of its newbuilding expansion, Top Ships was one of several Greek-controlled shipping companies that successfully raised money through share issues arranged by investment bank Maxim Group.
However, such issues attracted criticism from some shareholders who consider them dilutive.
In 2022, Top Ships cautioned investors that the price and trading volume of its common shares was extremely volatile at times, even within a single trading day.
Last year, the company moved away from share issues to buybacks, authorising a $4m spend on its own stock.
