TOP Ships Inc. (NASDAQ: TOPS) is tumbling in the market this morning, giving up more than 20% early on. The declines are happening for good reason. The company moved forward with yet another reverse stock split, opening the door to further potential dilution. Here’s what’s happening.
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TOPS Stock Tumbles On Reverse Split
On Friday, TOP Ships announced that its Board has approved a 1-for-25 reverse stock split. This means that for every 25 shares of TOPS stock owned on Friday, investors now have one share worth 25 times the value… well, before the premarket declines are accounted for.
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