Athens-based tanker owner Top Ships has revealed more share offerings coupled with a warning about price fluctuations
The Nasdaq-listed company said it has priced an offering of 6.75m units at $2 each to raise $13.5m.
Each unit consists of a share and a warrant to buy another at $2, expiring in five years.
The deal is expected to close on Tuesday.
The move comes after a filing on 1 December that showed the owner of two VLCCs, three suezmaxes and three MR tankers was offering up to 4.97m units at $3.02 each to raise $15m.
Top Ships said in that document that it was cautioning investors not to put money in unless they were prepared to risk big losses.
“The market price and trading volume of our common shares have very recently and at certain other times in the past exhibited, and may continue to exhibit, extreme volatility, including within a single trading day,” the company added.
On 30 November, for example, the price ranged from $2.03 to $4.38 on a trading volume of 23.6m shares.
And on 5 October the range was $5.28 to $11.60, with 40.8m shares changing hands.
The stock has been as high as $32.80 this year, with the low at $2.02.
Evangelos Pistiolis-led Top Ships believes the volatility reflects "market and trading dynamics unrelated to our operating business or prospects and outside of our control."
In October, the shipowner banked $15m from an offering based on a price of $4.60 per unit.
