Greek tanker owner Top Ships’ share price dropped after it upsized a dilutive new stock offering.
The Evangelos Pistiolis-led company said it would now be selling 3.26m units consisting of one share and one warrant to buy another.
This is up from 2m units when the transaction was announced in September.
The stock fell nearly 14% to $4.74 on the Nasdaq exchange in the US on Thursday.
Top Ships will bank $15m from the deal, it said in a filing, based on a price of $4.60 per unit.
The September offering was set to be priced at $4.50 to raise $8.3m.
Proceeds will be used for general corporate purposes, the company has said.
Last week, the owner of two VLCCs, three suezmaxes and three MR tankers halted a share offering programme with investment bank Maxim Group at the same time as raising more cash through warrant sales.
The company gave notice to terminate the equity distribution agreement for common shares that could have seen up to $19.7m of stock sold.
Top Ships will make no further sales under the at-the-market scheme but banked $2m from deals already agreed.
More warrants sold
It also said it had carried out a transaction with an unnamed holder of warrants to sell 715,150 shares, raising $4.5m.
This involved the holder exercising warrants at a price reduced from $10 per share to $6.75 per share.
The warrants were issued in a direct offering that closed in June.
Maxim Group acted as warrant inducement agent and financial advisor in connection with the transaction.
The holders have been granted more options to buy up to 1m more shares, exercisable at $6.75.
