Top Ships Inc (NASDAQ: TOPS) is having an incredibly strong start to the trading session this morning, and for good reason. The company released a post-reverse-split financial update, exciting investors who sent the stock toward the sky. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:30), TOPS is trading at $0.90 per share after a gain of $0.23 per share (34.33%) thus far today.
TOPS Issues A Post Reverse Split Financial Update
As mentioned above, Top Ships is having an incredibly strong day in the market today after providing a financial update following the most recent reverse stock split. The key financial data is data from June 23rd, 2017. Here’s what TOPS had to offer:
- Cash and cash equivalents: approximately $4.2 million ($2.91 per share)
- Book value of vessels, net: approximately $123.4 million
- Debt outstanding balance: approximately $113.8 million
- Number of Shares Outstanding: 1,443,092
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TOPS. In particular, we’re interested in following the company through the operation of its vessels as well as seeing if the company can push its stock above that almighty dollar bid for long enough to maintain listing on the NASDAQ. We’ll continue to follow the story closely and bring the news to you as it breaks!
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