|
Per Share
|
Total
|
||||||
Public offering price
|
$
|
0.10
|
$
|
15,864,000
|
||||
Placement agent fees
|
$
|
0.0063
|
$
|
$991,500
|
||||
Proceeds to the Company before expense
|
$
|
0.0938
|
$
|
$14,872,500
|
ABOUT THIS PROSPECTUS SUPPLEMENT
|
S-ii
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
S-iii
|
PROSPECTUS SUPPLEMENT SUMMARY
|
S-1
|
THE OFFERING
|
S-5
|
RISK FACTORS
|
S-6
|
USE OF PROCEEDS
|
S-14
|
CAPITALIZATION
|
S-15
|
BENEFICIAL OWNERSHIP OF OUR COMMON SHARES
|
S-18
|
DESCRIPTION OF CAPITAL STOCK
|
S-19
|
TAX CONSIDERATIONS
|
S-28
|
PLAN OF DISTRIBUTION
|
S-29
|
EXPENSES
|
S-31
|
LEGAL MATTERS
|
S-31
|
EXPERTS
|
S-31
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
S-31
|
SUMMARY
|
1
|
RISK FACTORS
|
5
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
6
|
USE OF PROCEEDS
|
7
|
CAPITALIZATION
|
8
|
PLAN OF DISTRIBUTION
|
9
|
DESCRIPTION OF CAPITAL STOCK
|
11
|
DESCRIPTION OF DEBT SECURITIES
|
21
|
DESCRIPTION OF WARRANTS
|
27
|
DESCRIPTION OF PURCHASE CONTRACTS
|
28
|
DESCRIPTION OF RIGHTS
|
29
|
DESCRIPTION OF UNITS
|
30
|
ENFORCEABILITY OF CIVIL LIABILITIES
|
31
|
EXPENSES
|
32
|
LEGAL MATTERS
|
32
|
EXPERTS
|
32
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
32
|
• |
our ability to maintain or develop new and existing customer relationships with major refined product importers and exporters, major crude oil companies and major commodity traders,
including our ability to enter into long-term charters for our vessels;
|
• |
our future operating and financial results;
|
• |
our future vessel acquisitions, our business strategy and expected capital spending or operating expenses,
including any dry-docking and insurance costs;
|
• |
our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities;
|
• |
oil and chemical tanker industry trends, including charter rates and vessel values and factors affecting vessel supply and demand;
|
• |
our ability to take delivery of, integrate into our fleet, and employ any new vessels we have ordered or may order in the future and the ability of shipyards to deliver vessels on a timely
basis;
|
• |
the aging of our vessels and resultant increases in operation and dry-docking costs;
|
• |
the ability of our vessels to pass classification inspections and vetting inspections by oil majors and big chemical corporations;
|
• |
significant changes in vessel performance, including increased vessel breakdowns;
|
• |
the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us;
|
• |
our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all;
|
• |
changes to governmental rules and regulations or actions taken by regulatory authorities and the expected costs thereof;
|
• |
potential liability from litigation and our vessel operations, including discharge of pollutants;
|
• |
changes in general economic and business conditions;
|
• |
general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events (including “trade wars”), piracy, acts by terrorists or
major disease outbreaks such as the recent worldwide coronavirus outbreak;
|
• |
changes in production of or demand for oil and petroleum products and chemicals, either globally or in particular regions;
|
• |
the strength of world economies and currencies, including fluctuations in charter hire rates and vessel values;
|
• |
potential liability from future litigation and potential costs due to any environmental damage and vessel collisions;
|
• |
the length and severity of the recent coronavirus outbreak (COVID-19) and its impact on the demand for commercial seaborne transportation and the condition to the financial markets; and
|
• |
other important factors described from time to time in the reports filed by us with the Commission.
|
Name
|
Deadweight
|
Charterer
|
End of firm period
|
Charterer’s Optional Periods
|
Gross Rate fixed period/ options
|
M/T Stenaweco Energy
|
50,000
|
Stena Weco A/S
|
February 2021
|
1+1 years
|
$15,616 / $17,350 / $18,100
|
M/T Stenaweco Evolution
|
50,000
|
Stena Weco A/S
|
October 2021
|
1+1 years
|
$15,516 / $17,200 / $18,000
|
M/T Stenaweco Excellence
|
50,000
|
Stena Weco A/S
|
November 2020
|
1+1 years
|
$16,200 / $17,200 / $18,000
|
M/T Nord Valiant
|
50,000
|
DS Norden A/S
|
August 2021
|
1+1 years
|
$16,800 / $17,600 / $18,400
|
M/T Eco California
|
50,000
|
Shell Tankers Singapore Private Limited
|
January 2021
|
1 year
|
$13,750 plus 50% profit share/ $13,950 plus 50% profit share
|
M/T Eco Marina Del Ray
|
50,000
|
Cargill
|
March 2024
|
-
|
$15,100
|
M/T Eco Los Angeles
|
50,000
|
Trafigura
|
February 2023
|
1+1 years
|
$17,500 / $18,750 / $20,000
|
M/T Eco City of Angels
|
50,000
|
Trafigura
|
February 2023
|
1+1 years
|
$17,500 / $18,750 / $20,000
|
Name
|
Deadweight
|
Charterer
|
End of firm period
|
Charterer’s Optional Periods
|
Gross Rate fixed period/ options
|
M/T Eco Bel Air
|
157,000
|
BP Shipping Limited
|
April 2022
|
1+1 years
|
$24,500 / $27,500 / $29,000
|
M/T Eco Beverly Hills
|
157,000
|
BP Shipping Limited
|
May 2022
|
1+1 years
|
$24,500 / $27,500 / $29,000
|
Name
|
Deadweight
|
Charterer
|
End of firm period
|
Charterer’s Optional Periods
|
Gross Rate fixed period/ options
|
M/T Eco Yosemite Park
|
50,000
|
Clearlake Shipping Pte Ltd
|
March 2025
|
1+1 years
|
$17,400 / $18,650 / $19,900
|
M/T Eco Joshua Park
|
50,000
|
Clearlake Shipping Pte Ltd
|
March 2025
|
1+1 years
|
$17,400 / $18,650 / $19,900
|
Name
|
|
Deadweight
|
|
Charterer
|
End of firm period
|
Charterer’s
Optional Periods
|
|
Gross Rate
fixed period/ options
|
Delivery date
|
Shipyard
|
M/T Eco Van Nuys (Hull No 2789)
|
|
50,000
|
|
Central Tankers Chartering Inc
|
January 2026
|
1+1 years
|
|
$16,200 / $17,200 / $18,200
|
January 2021
|
Hyundai Mipo S. Korea
|
M/T Eco Santa Monica (Hull No 2790)
|
|
50,000
|
|
Central Tankers Chartering Inc
|
February 2026
|
1+1 years
|
|
$16,200 / $17,200 / $18,200
|
February 2021
|
Hyundai Mipo S. Korea
|
M/T Eco Venice Beach (Hull No 2791)
|
|
50,000
|
|
Central Tankers Chartering Inc
|
March 2026
|
1+1 years
|
|
$16,200 / $17,200 / $18,200
|
March 2021
|
Hyundai Mipo S. Korea
|
M/T Eco West Coast (Hull No 865)
|
|
157,000
|
|
Clearlake Shipping Pte Ltd
|
February 2024
|
1+1 years
|
|
$33,950 / $34,750 / $36,750
|
February 2021
|
HHI S. Korea
|
M/T Eco Malibu (Hull No 866)
|
|
157,000
|
|
Clearlake Shipping Pte Ltd
|
May 2024
|
1+1 years
|
|
$33,950 / $34,750 / $36,750
|
May 2021
|
HHI S. Korea
|
Issuer
|
|
TOP Ships Inc., a Marshall Islands corporation
|
|
|
|
Common shares outstanding as of July 6, 2020
|
|
837,159,322 common shares
|
|
|
|
Common shares offered by us
|
|
158,640,000 common shares.
|
|
|
|
Common shares outstanding immediately after the offering
|
|
995,799,322 common shares
|
|
|
|
Preferred share purchase rights
|
|
Our common shares include preferred share purchase rights, as described in the section of this prospectus supplement entitled
“Description of Capital Stock—Stockholders Rights Agreement.”
|
|
|
|
Use of proceeds
|
|
The net proceeds of this offering, after deducting the placement agent’s commissions and our estimated offering expenses, will be for
general corporate purposes. See “Use of Proceeds.”
|
|
|
|
Risk factors
|
|
Investing in our common shares involves a high degree of risk and uncertainty.
You should carefully consider all the information in this prospectus supplement, the accompanying prospectus and the documents incorporated into each by reference prior to investing in our common shares. In particular, we urge you to consider
carefully the factors set forth in the section entitled “Risk Factors” beginning on page S-6 of this prospectus supplement, and in the accompanying prospectus and the documents we have filed with the Commission that are incorporated by
reference herein for more information, before you make any investment in our common shares.
|
Listing
|
|
Our common shares are traded on the Nasdaq Capital Market under the symbol “TOPS.”
|
• |
actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;
|
• |
mergers and strategic alliances in the shipping industry;
|
• |
market conditions in the shipping industry and the general state of the securities markets;
|
• |
changes in government regulation;
|
• |
shortfalls in our operating results from levels forecast by securities analysts; and
|
• |
announcements concerning us or our competitors.
|
• |
deterioration of worldwide, regional or national economic conditions and activity, which is expected to result in a global recession, the duration and severity of which is uncertain, and
could further reduce or prolong the recent significant declines in energy prices, or adversely affect global demand for crude oil or petroleum products, demand for our services;
|
• |
disruptions to our operations as a result of the potential health impact on our employees and crew, and on the workforces of our customers and business partners;
|
• |
disruptions to our business from, or additional costs related to, new regulations, directives or practices implemented in response to the pandemic, such as travel restrictions (including
for any of our onshore personnel or any of our crew members to timely embark or disembark from our vessels), increased inspection regimes, hygiene measures (such as quarantining and physical distancing) or increased implementation of
remote working arrangements;
|
• |
potential shortages or a lack of access to required spare parts for our vessels, or potential delays in any repairs to, or scheduled or unscheduled maintenance or modifications or dry
docking of, our vessels, as a result of a lack of berths available by shipyards from a shortage in labor or due to other business disruptions;
|
• |
delays in vessel inspections and related certifications by class societies customers or government agencies;
|
• |
potential reduced cash flows and financial condition including potential liquidity constraints;
|
• |
reduced access to capital, including the ability to refinance any existing obligations, as a result of any credit tightening generally or due to continued declines in global financial
markets, including to the prices of publicly-traded securities of us, our peers and of listed companies generally;
|
• |
a reduced ability to opportunistically sell any of our vessels on the second-hand market, either as a result of a lack of buyers or a general decline in the value of second-hand vessels;
|
• |
a decline in the market value of our vessels, which may cause us to (a) incur impairment charges or (b) breach certain covenants under our financing agreements;
|
• |
disruptions, delays or cancellations in connection with among others, vessel special surveys, installation of ballast water systems and scrubber installations, which could increase our
off-hire time and decrease revenues; and
|
• |
potential deterioration in the financial condition and prospects of our customers or partners, which could adversely impact their ability or willingness to fulfill their obligations to us,
or attempts by customers or third parties to renegotiate existing agreement or invoke force majeure contractual clauses as a result delays or other disruptions, such as the renegotiation of lease terms, including charter rates.
|
• |
our existing shareholders’ proportionate ownership interest in us will decrease;
|
• |
the amount of cash available for dividends payable on the shares of our common shares may decrease;
|
• |
the relative voting strength of each previously outstanding common share may be diminished; and
|
• |
the market price of the shares of our common shares may decline.
|
• |
authorizing our Board of Directors to issue “blank check” preferred stock without stockholder approval;
|
• |
providing for a classified Board of Directors with staggered, three-year terms;
|
• |
prohibiting cumulative voting in the election of directors;
|
• |
authorizing the removal of directors only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for
the directors;
|
• |
prohibiting shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action;
|
• |
limiting the persons who may call special meetings of shareholders;
|
• |
establishing advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by shareholders at shareholder meetings; and
|
• |
restricting business combinations with interested shareholders.
|
1. |
on an actual basis;
|
2. |
on an as adjusted basis to give effect to the following transactions which occurred between December 31, 2019 and July 6, 2020:
|
• |
The issuance of 16,004 Series E Preferred Shares to Family Trading Inc with a redemption premium of $2.9 million, as settlement of $16.0 million of consideration
outstanding for the purchase of the M/T Eco City of Angels and M/T Eco Los Angeles from Mr. Pistiolis and for Series E Shares dividends payable to Family Trading Inc.
|
• |
The issuance of 900 Series E Preferred Shares to Family Trading Inc with a redemption premium of $0.2 million for Series E Shares dividends payable to Family Trading Inc.
|
• |
the cashless exercise of 4,200,000 of Class A Warrants into 1,680,000 of our common shares;
|
• |
the redemption of 21,364 Series E Preferred Shares for $24.6 million;
|
• |
the issuance of 14,637,118 common shares pursuant to the Equity Distribution Agreement we entered into with Maxim Group LLC on February 12, 2020, with aggregate net
proceeds of $4.9 million;
|
• |
the issuance of 52,692,690 common shares pursuant to the Equity Distribution Agreement we entered into with Maxim Group LLC on March 11, 2020, with aggregate net proceeds
of $4.9 million;
|
• |
the drawdown of $30.1 million and $30.1 million from the sale and leaseback of M/T Eco Los Angeles and M/T Eco City of Angels respectively from Avic International Leasing
Co., Ltd (“AVIC”) (the sale and leaseback will be accounted as a financing transaction);
|
• |
the prepayment of $29.5 million of the outstanding loan under the ABN Facility due to the sale of the M/T Eco Revolution and the M/T Eco Fleet;
|
• |
the prepayment of $19.9 million of the outstanding loan under the Alpha Bank Facility and the Alpha Bank Top-Up Facility due to the sale of the M/T Stenaweco Elegance. The
sale of the M/T Stenaweco Elegance resulted in gains of $2.0 million;
|
• |
the prepayment of $21.9 million of the AT Bank Senior Facility and the prepayment of $10.5 million of the AT Bank Bridge Note due to the sale of the M/T Palm Desert. The
sale of the M/T Palm Desert resulted in gains of $3.2 million;
|
• |
The sale on April 1, 2020 of 40,000,000 of the Company’s common shares via a registered direct offering at a public offering price of $0.20 per share resulting in aggregate
net proceeds of $7.4 million;
|
• |
The sale on April 17, 2020 of 33,333,333 of the Company’s common shares via a registered direct offering at a public offering price of $0.18 per share resulting in
aggregate net proceeds of $5.5 million;
|
• |
The sale on April 29, 2020 of 35,000,000 of the Company’s common shares via a registered direct offering at a public offering price of $0.186 per share resulting in
aggregate net proceeds of $6.0 million;
|
• |
The sale on April 30, 2020 of 29,500,000 of the Company’s common shares via a registered direct offering at a public offering price of $0.186 per share resulting in
aggregate net proceeds of $5.0 million;
|
• |
The sale on May 18, 2020 of 59,400,000 of the Company’s common shares via a registered direct offering at a public offering price of $0.135 per share resulting in aggregate
net proceeds of $7.4 million;
|
• |
The sale on May 21, 2020 of 51,700,000 of the Company’s common shares via a registered direct offering at a public offering price of $0.135 per share resulting in aggregate
net proceeds of $6.5 million;
|
• |
The sale on June 10, 2020 of 166,666,667 of the Company’s common shares via a registered direct offering at a public offering price of $0.12 per share resulting in
aggregate net proceeds of $18.7 million;
|
• |
The sale on June 12, 2020 of 117,187,500 of the Company’s common shares via a registered direct offering at a public offering price of $0.128 per share resulting in
aggregate net proceeds of $14.0 million;
|
• |
The sale on June 17, 2020 of 60,000,000 of the Company’s common shares via a registered direct offering at a public offering price of $0.13 per share resulting in aggregate
net proceeds of $7.2 million;
|
• |
The sale on June 26, 2020 of 166,666,667 of the Company’s common shares via a registered direct offering at a public offering price of $0.12 per share resulting in
aggregate net proceeds of $18.7 million;
|
• |
$18.0 million excess consideration over the carrying amount of acquired assets relating to the acquisitions of M/T Eco Van Nuys (Hull No 2789), M/T Eco Santa Monica (Hull
No 2790) and M/T Eco Venice Beach (Hull No 2791), accounted for as a transfer of assets between entities under common control;
|
• |
$44.0 million excess consideration over the carrying amount of acquired assets relating to the acquisitions of 100% of the M/T Eco West Coast (Hull No 865) and of 100% of
M/T Eco Malibu (Hull No 866), accounted for as a transfer of assets between entities under common control; and
|
• |
$11.0 million of scheduled debt repayments under the ABN Amro, the AT Bank, the BoComm Leasing, the Cargill, the CMBFL, the OFI, the AVIC and the Alpha Bank facilities.
|
3. |
on an as further adjusted basis, assuming our issuance and sale of 158,640,000 common shares at an assumed offering price of $0.10 per share resulting in proceeds of $14.8
million, net of estimated expenses of $1.1 million:
|
(Expressed in thousands of U.S. Dollars, except number of shares and per share data)
|
Actual
|
As Adjusted
|
As Further Adjusted
|
|||||||||
Debt:(1) (2)
|
||||||||||||
Current portion of long term debt
|
$ |
16,908
|
$ |
16,806
|
$ |
16,806
|
||||||
Non-current portion of long term debt
|
262,122
|
259,941
|
259,941
|
|||||||||
Debt related to vessels held for sale
|
29,977
|
-
|
-
|
|||||||||
Total debt
|
309,007
|
276,747
|
276,747
|
|||||||||
Mezzanine equity:
|
||||||||||||
Preferred stock Series E, $0.01 par value; 15,724 shares issued and outstanding at December 31, 2019, 11,264 shares issued and
outstanding at December 31, 2019, as adjusted and as further adjusted
|
18,083
|
13,517
|
13,517
|
|||||||||
Shareholders’ equity:
|
||||||||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 8,695,348 shares issued and outstanding at December
31, 2019, 837,159,322 shares issued and outstanding at December 31, 2019 as adjusted and 995,799,322 shares issued and outstanding at December 31, 2019 as further adjusted
|
87
|
8,372
|
9,958
|
|||||||||
Preferred stock Series D, $0.01 par value; 100,000 shares issued and outstanding at December 31, 2019 as adjusted and as further
adjusted
|
1
|
1
|
1
|
|||||||||
Additional paid-in capital
|
411,499
|
443,475
|
456,686
|
|||||||||
Accumulated other comprehensive loss
|
(1,361
|
)
|
(1,361
|
)
|
(1,361
|
)
|
||||||
Accumulated deficit
|
(322,552
|
)
|
(317,311
|
)
|
(317,311
|
)
|
||||||
Total Shareholders’ and Mezzanine equity
|
105,757
|
146,693
|
161,490
|
|||||||||
Total capitalization
|
$ |
414,764
|
$ |
423,440
|
$ |
438,237
|
(1) |
The capitalization table does not take into account any loan fees for the new loans and sale and leaseback financings or any amortization of deferred finance fees incurred
after December 31, 2019 or any write -offs of deferred fees in respect of loans fully repaid.
|
(2) |
Our indebtedness (both current and non-current portions), is secured by titles on our vessels and is guaranteed by us.
|
Name and Address of Beneficial Owner
|
Number of Shares Owned
|
Percent of Class(1)
|
||||||
Lax Trust (2)
|
18,773,333
|
2.2
|
%
|
|||||
Executive officers, directors and key employees
|
-
|
-
|
%
|
(1) |
Based upon 837,159,322 common shares outstanding as of July 6, 2020.
|
(2) |
The above information is derived, in part, from the Schedule 13D/A filed with the SEC on June 15, 2020. The Lax Trust is an irrevocable trust established for the benefit of certain family
members of Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. The business address of the Lax Trust is Level 3, 18 Stanley Street, Auckland 1010, New Zealand. The above percentage ownership is based on
855,932,655 common shares outstanding, which is calculated for this Schedule 13D/A purposes by taking the sum of (i) 837,159,322 common shares outstanding, and (ii) 18,773,333 common shares issuable upon the conversion of 11,264 Series E
Preferred Shares held by Family Trading, all figures being as of July 6, 2020. The Lax Trust may also be deemed to hold all of the 100,000 outstanding shares of our Series D Preferred Stock. Each Series D Preferred Share carries 1,000
votes. By its ownership of 100% of our Series D Preferred Shares, Lax Trust has significant influence to matters put before our shareholders.
|
• |
prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the Board approved either the business combination or the transaction that
resulted in the shareholder becoming an interested shareholder;
|
• |
upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the
corporation outstanding at the time the transaction commenced;
|
• |
at or subsequent to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by the Board and authorized at an
annual or special meeting of shareholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested shareholder; and
|
• |
the shareholder became an interested shareholder prior to the consummation of the initial public offering.
|
• |
not be redeemable;
|
• |
entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of
all non-cash dividends or other distributions other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common shares since the immediately
preceding quarterly dividend payment date; and
|
• |
entitle holders to one vote on all matters submitted to a vote of our shareholders.
|
Per Share
|
$
|
0.0063
|
||
Total
|
$
|
$991,500
|
• |
must not engage in any stabilization activity in connection with our securities; and
|
• |
must not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed
their participation in the distribution.
|
Legal Fees and Expenses
|
$
|
54,000
|
||
Accountants’ Fees and Expenses
|
$
|
20,000
|
||
Miscellaneous Costs
|
$
|
1,000
|
||
Total
|
$
|
75,000
|
• |
Report on Form 20-F for the year ended
December 31, 2019, filed with the Commission on April 10, 2020, which contains our audited consolidated financial statements for the most recent fiscal year for which those statements have been filed.
|
• |
Report on Form 6-K furnished to the Commission
on April 17, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
33,333,333 of its common shares at a public offering price of $0.18 per share.
|
• |
Report on Form 6-K to the Commission on April 20,
2020, which contained an announcement of the Company’s completion of the sale of M/T Palm Springs.
|
• |
Report on Form 6-K to the Commission on April 24,
2020, which contained an announcement of the joint venture with Gunvor Group.
|
• |
Report on Form 6-K furnished to the Commission on
April 29, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
35,000,000 of its common shares at a public offering price of $0.186 per share.
|
• |
Report on Form 6-K furnished to the Commission
on April 30, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
29,500,000 of its common shares at a public offering price of $0.186 per share.
|
• |
Report on Form 6-K furnished to the Commission
on May 8, 2020, which contained an announcement of the Company’s acquisition of three newbuilding vessels form an entity related to our Chief Executive Officer.
|
• |
Report on Form 6-K furnished to the Commission
on May 18, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
59,400,000 of its common shares at a public offering price of $0.135 per share.
|
• |
Report on Form 6-K furnished to the Commission
on May 27, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
51,700,000 of its common shares at a public offering price of $0.135 per share.
|
• |
Report on Form 6-K furnished to the Commission
on May 29, 2020, which contains an announcement about the results of the Company’s Annual General Meeting of Shareholders and the Company’s acquisitions of 50% interests in two shipowning companies that each owned a newbuilding contract
for one ultra-high specification` scrubber-fitted eco Suezmax tanker form an entity related to our Chief Executive Officer.
|
• |
Report on Form 6-K furnished to the Commission
on June 10, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
166,666,667 of its common shares at a public offering price of $0.12 per share.
|
• |
Report on Form 6-K furnished to the Commission on
June 11, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
117,187,500 of its common shares at a public offering price of $0.128 per share.
|
• |
Report on Form 6-K furnished to the Commission
on June 16, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
60,000,000 of its common shares at a public offering price of $0.13 per share.
|
• |
Report on Form 6-K furnished to the Commission
on June 26, 2020, which contains the announcement of the Company’s entrance into a Securities Purchase Agreement with certain institutional investors and Placement Agency Agreement with Maxim Group LLC, under which the Company sold
166,666,667 of its common shares at a public offering price of $0.12 per share.
|
Page
|
|
SUMMARY
|
1
|
RISK FACTORS
|
5
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
6
|
USE OF PROCEEDS
|
7
|
CAPITALIZATION
|
8
|
PLAN OF DISTRIBUTION
|
9
|
DESCRIPTION OF CAPITAL STOCK
|
11
|
DESCRIPTION OF DEBT SECURITIES
|
21
|
DESCRIPTION OF WARRANTS
|
27
|
DESCRIPTION OF PURCHASE CONTRACTS
|
28
|
DESCRIPTION OF RIGHTS
|
29
|
DESCRIPTION OF UNITS
|
30
|
ENFORCEABILITY OF CIVIL LIABILITIES
|
31
|
EXPENSES
|
32
|
LEGAL MATTERS
|
32
|
EXPERTS
|
32
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
32
|
Name
|
Deadweight
|
Vessel Type
|
Charterer
|
End of firm period
|
Charterer’s Optional Periods
|
Gross Rate fixed period/ options
|
M/T Stenaweco Energy***
|
50,000
|
Medium Range (“MR”) Tanker
|
Stena Weco A/S
|
February 2021
|
1+1 years
|
$15,616 / $17,350 / $18,100
|
M/T Stenaweco Evolution***
|
50,000
|
Medium Range (“MR”) Tanker
|
Stena Weco A/S
|
October 2021
|
1+1 years
|
$15,516 / $17,200 / $18,000
|
M/T Eco Fleet*
|
39,000
|
Medium Range (“MR”) Tanker
|
Clearlake Shipping Pte Ltd
|
April 2022
|
1+1 years
|
$12,600 1st year, $13,100 2nd year and $13,600 3rd year / $14,350 / $15,600
|
M/T Eco Revolution*
|
39,000
|
Medium Range (“MR”) Tanker
|
BP Shipping Limited
|
January 2021
|
1+1 years
|
$13,500 / $16,000 / $16,750
|
M/T Stenaweco Excellence**
|
50,000
|
Medium Range (“MR”) Tanker
|
Stena Weco A/S
|
November 2020
|
1+1 years
|
$16,200 / $17,200 / $18,000
|
M/T Nord Valiant**
|
50,000
|
Medium Range (“MR”) Tanker
|
DS Norden A/S
|
August 2021
|
1+1 years
|
$16,800 / $17,600 / $18,400
|
M/T Stenaweco Elegance*
|
50,000
|
Medium Range (“MR”) Tanker
|
Stena Weco A/S
|
March 2021
|
1+1 years
|
$16,500 / $17,500 / $18,500
|
M/T Eco Palm Desert*
|
50,000
|
Medium Range (“MR”) Tanker
|
Shell Tankers Singapore Private Limited
|
September 2021
|
1 year
|
$13,300 plus 50% profit share/ $13,950 plus 50% profit share
|
M/T Eco California**
|
50,000
|
Medium Range (“MR”) Tanker
|
Shell Tankers Singapore Private Limited
|
January 2021
|
1 year
|
$13,750 plus 50% profit share/ $13,950 plus 50% profit share
|
M/T Eco Marina Del Ray**
|
50,000
|
Medium Range (“MR”) Tanker
|
Cargill
|
March 2024
|
-
|
$15, 100
|
Name
|
Deadweight
|
Charterer
|
End of firm period
|
Charterer’s Optional Periods
|
Gross Rate fixed period/ options
|
M/T Eco Bel Air**
|
157,000
|
BP Shipping Limited
|
April 2020
|
1+1 years
|
$24,500 / $27,500 / $29,000
|
M/T Eco Beverly Hills**
|
157,000
|
BP Shipping Limited
|
May 2020
|
1+1 years
|
$24,500 / $27,500 / $29,000
|
Name
|
Deadweight
|
Charterer
|
End of firm period
|
Charterer’s Optional Periods
|
Gross Rate fixed period/ options
|
|||
M/T Eco Holmby Hills
|
50,000
|
Clearlake Shipping Pte Ltd
|
March 2021
|
1+1 years
|
$14,600 up to March 2020 and $15,025 thereafter / $15,400 / $16,400
|
|||
M/T Eco Palm Springs
|
50,000
|
Clearlake Shipping Pte Ltd
|
May 2021
|
1+1 years
|
$14,750 up to May 2020 and $15,175 thereafter / $15,550 / $16,550
|
* |
This vessel is owned by the Company
|
** |
The Company has a sale and leaseback agreement for this vessel, treated as a financing
|
*** |
The Company has a sale and leaseback agreement for this vessel, treated as an operating lease
|
1. |
common shares, including related preferred stock purchase rights;
|
2. |
preferred shares;
|
3. |
debt securities;
|
4. |
warrants;
|
5. |
purchase contracts;
|
6. |
rights; and
|
7. |
units.
|
• |
a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;
|
• |
purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; or
|
• |
ordinary brokerage transactions and transactions in which a broker solicits purchasers.
|
• |
enter into transactions involving short sales of our common shares by broker-dealers;
|
• |
enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under
this prospectus; or
|
• |
loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares.
|
• |
prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the Board approved either the business combination or the
transaction that resulted in the shareholder becoming an interested shareholder;
|
• |
upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting
stock of the corporation outstanding at the time the transaction commenced;
|
• |
at or subsequent to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by the Board
and authorized at an annual or special meeting of shareholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested shareholder; and
|
• |
the shareholder became an interested shareholder prior to the consummation of the initial public offering.
|
• |
not be redeemable;
|
• |
entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common shares
since the immediately preceding quarterly dividend payment date; and
|
• |
entitle holders to one vote on all matters submitted to a vote of our shareholders.
|
• |
Flip In. If an Acquiring Person obtains beneficial ownership of 15% or more of our common shares, then each Right will entitle
the holder thereof to purchase, for the Exercise Price, a number of our common shares (or, in certain circumstances, cash, property or other of our securities) having a then-current market value of twice the Exercise Price. However,
the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by us, as further described below.
|
• |
Flip Over. If, after an Acquiring Person obtains 15% or more of our common shares, (i) we merge into another entity; (ii) an
acquiring entity merges into us; or (iii) we sell or transfer 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder
thereof to purchase, for the Exercise Price, a number of our common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.
|
• |
Notional Shares. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the
Acquiring Person beneficially owns a majority of the equity securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an
Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person.
|
• |
the designation, aggregate principal amount and authorized denominations;
|
• |
the issue price, expressed as a percentage of the aggregate principal amount;
|
• |
the maturity date;
|
• |
the interest rate per annum, if any;
|
• |
if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment
of interest will commence and the regular record dates for interest payment dates;
|
• |
any optional or mandatory sinking fund provisions or exchangeability provisions;
|
• |
the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other
conversion provisions;
|
• |
whether the debt securities will be our senior or subordinated securities;
|
• |
whether the obligations under the debt securities will be our secured or unsecured obligations;
|
• |
the applicability and terms of any guarantees;
|
• |
the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and
provisions of optional or mandatory redemptions;
|
• |
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable;
|
• |
if other than the full principal amount, the portion of the principal amount of the debt securities of the series that will be payable upon acceleration or provable in
bankruptcy;
|
• |
any events of default not set forth in this prospectus;
|
• |
the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of
America;
|
• |
if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series
are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;
|
• |
whether interest will be payable in cash or additional securities at our or the holder’s option and the terms and conditions upon which the election may be made;
|
• |
if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America
for purposes of determining the voting rights of holders of those debt securities under the applicable indenture;
|
• |
if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than
that in which the debt securities of the series are stated to be payable, the manner in which the amounts will be determined;
|
• |
any restrictive covenants or other material terms relating to the debt securities;
|
• |
whether the debt securities will be issued in the form of global securities or certificates in registered or bearer form;
|
• |
any listing on any securities exchange or quotation system;
|
• |
additional provisions, if any, related to defeasance and discharge of the debt securities; and
|
• |
any other special features of the debt securities.
|
• |
our ability to incur either secured or unsecured debt, or both;
|
• |
our ability to make certain payments, dividends, redemptions or repurchases;
|
• |
our ability to create dividend and other payment restrictions affecting our subsidiaries;
|
• |
our ability to make investments;
|
• |
mergers and consolidations by us or our subsidiaries;
|
• |
sales of assets by us;
|
• |
our ability to enter into transactions with affiliates;
|
• |
our ability to incur liens; and
|
• |
sale and leaseback transactions.
|
1. |
changes the amount of securities whose holders must consent to an amendment, supplement or waiver;
|
2. |
reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would
not materially adversely affect the legal rights of any holder under the indenture) or the price at which we are required to offer to purchase the securities;
|
3. |
reduces the principal or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any sinking fund or analogous
obligation;
|
4. |
waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of
any series by the holders of at least a majority in principal amount of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);
|
5. |
makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;
|
6. |
makes any change with respect to holders’ rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting
shareholders or certain currency-related issues; or
|
7. |
waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities
|
• |
default in any payment of interest when due which continues for 30 days;
|
• |
default in any payment of principal or premium at maturity;
|
• |
default in the deposit of any sinking fund payment when due;
|
• |
default in the performance of any covenant in the debt securities or the applicable indenture which continues for 60 days after we receive notice of the default;
|
• |
default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or
liable therefor) having a principal amount in excess of a minimum amount set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such
indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive
notice of the default; and
|
• |
events of bankruptcy, insolvency or reorganization.
|
• |
the title of such warrants;
|
• |
the aggregate number of such warrants;
|
• |
the price or prices at which such warrants will be issued;
|
• |
the number and type of our securities purchasable upon exercise of such warrants;
|
• |
the price at which our securities purchasable upon exercise of such warrants may be purchased;
|
• |
the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;
|
• |
if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;
|
• |
if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;
|
• |
if applicable, the date on and after which such warrants and the related securities will be separately transferable;
|
• |
information with respect to book-entry procedures, if any;
|
• |
if applicable, a discussion of any material United States federal income tax considerations; and
|
• |
any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.
|
• |
the exercise price for the rights;
|
• |
the number of rights issued to each shareholder;
|
• |
the extent to which the rights are transferable;
|
• |
any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights;
|
• |
the date on which the right to exercise the rights will commence and the date on which the right will expire;
|
• |
the amount of rights outstanding;
|
• |
the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and
|
• |
the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering.
|
• |
the terms of the units and of the purchase contracts, warrants, debt securities, preferred shares, common shares, and rights comprising the units, including whether and
under what circumstances the securities comprising the units may be traded separately;
|
• |
a description of the terms of any unit agreement governing the units;
|
• |
if applicable, a discussion of any material U.S. federal income tax considerations; and
|
• |
a description of the provisions for the payment, settlement, transfer or exchange of the units.
|
Commission registration fee
|
$
|
25,960
|
||
FINRA filing fee
|
$
|
30,500
|
||
Nasdaq listing fees
|
$
|
*
|
||
Legal fees and expenses
|
$
|
*
|
||
Accounting fees and expenses
|
$
|
*
|
||
Printing and engraving expenses
|
$
|
*
|
||
Transfer agent and registrar fees
|
$
|
*
|
||
Indenture trustee fees and expenses
|
$
|
*
|
||
Blue sky fees and expenses
|
$
|
*
|
||
Miscellaneous
|
$
|
*
|
||
Total
|
$
|
*
|
• |
Report on Form 6-K furnished with the Commission on September 3, 2019, which contains Management’s Discussion and Analysis of Financial Condition and Results of
Operations and the unaudited interim condensed consolidated financial statements and related notes thereto for the Company, as of and for the six months ended June 30, 2019.
|
• |
Report on Form 6-K, furnished with the Commission on April 1, 2019, which contains the description of the purchase of the Series E Convertible Preferred Stock, the
Certificate of Designation of the Series E Convertible Preferred Stock and the stock purchase agreement.
|
• |
Report on Form 20-F for the year ended December 31, 2018, filed with the Commission on March 28, 2019, which contains our audited consolidated financial statements for
the most recent fiscal year for which those statements have been filed.
|
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