TOP Ships Inc. (“Top Ships”) (NASDAQ:TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced
a share repurchase program.
The Company’s Board of Directors (the “Board”) authorized a share repurchase program under which the Company may repurchase up to $4 million of its outstanding common shares, representing approximately 5.2% of the Company’s market capitalization as of December 13, 2023, for a period of three months (the “Repurchase Program”). The Board will periodically review the Company’s Repurchase Program, and may decide to extend its term or increase the authorized amount.
Under the Repurchase Program, effective immediately, the Company may repurchase common shares in privately negotiated or open-market transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
The specific timing and amount of repurchases, if any, will be at the discretion of the Company’s management team, and will depend upon a variety of factors, including market conditions, regulatory requirements, capital allocation alternatives, and other corporate considerations. The Company is not obligated under the program to purchase any common shares. The repurchase program may be suspended or discontinued at any time.
