TOP Ships announces up to $11.11 million senior convertible debt offering

• TOP Ships entered a private placement agreement for $5.56 million in senior convertible notes, potentially totaling $11.11 million with a conditional second tranche.
• The first tranche is expected to close October 28, 2026, generating $5 million in gross proceeds at a 10% original issue discount.
• Unsecured notes carry 8% annual interest payable in cash or 10% payable in common shares.
• Maturity is 12 months, extendable to 18 months at the issuer's option with a 5% principal increase.
• The first tranche includes warrants to purchase 19,841,269 common shares at $0.28 each, exercisable immediately for five years.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. TOP Ships Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202610272054PRIMZONEFULLFEED9854795) on October 28, 2026, and is solely responsible for the information contained therein.