TOP Ships announced on 27 October, New York time, an agreement with an institutional investor for approximately $5.56 million in convertible-note principal. A 10% issue discount puts expected initial gross proceeds at $5 million.
Warrants accompany the financing, with a conditional second tranche also possible. Conversion and warrant exercise can dilute existing shareholders. The original announcement anticipated closing on 28 October; that release alone does not establish that funds have subsequently been received.