A Florida-based investment management firm is taking a notable wager on Top Ships, whose shares keep falling after a recent one-day plummet.
Intracoastal Capital has bought 950,684 common units in the Evangelos Pistiolis-led tanker owner, reflecting a 9.99% stake in the Greek company.
Intracoastal, which is led by Mitchell Kopin and Daniel Asher, has investments in 61 other companies, most being in the pharmaceutical sector. Its portfolio is worth $179m, according to Fintel.
Top Ships' largest shareholder is Family Trading, a company related to Pistiolis that holds 20.4 million shares, or 70%, of the New York-listed company.
The company on Friday registered 8.4 million shares with the SEC for possible resale.
They are owned by Anson Investment Master Fund, CVI Investments, Hudson Bay Master Fund, Intracoastal Capital, KBB Asset Management and Sabby Volatility Warrant Master Fund, according to the SEC filing.
More than a week ago, Top Ships announced its second warrants-fueled follow-on share sale, causing its stock to fall 56%.
The owner on 22 August used a 1-for-20 reverse shares split to stay compliant with Nasdaq listing rules, which require a minimum $1 trading value.
Top Ships shares have fallen 11% to $0.74 Monday morning.
