TOP Ships stock bounces off record low after new stock buyback program

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Shares of TOP Ships Inc. bounced 2.7% in active morning trading Monday, off the previous session’s record close, after the tanker vessel operator announced a new repurchase program that will allow it to buy back up to 10% of the shares outstanding. Trading volume rose to 5.9 million shares, already more than the full-day average of 4.0 million shares. The company said it may repurchase up to $5.1 million of its outstanding shares over the next three months, compared with the company’s market capitalization of about $51.0 million at Friday’s record low close of $1.28. The company said it estimates its net asset value to be $180 million, or $3.55 a share on a fully-diluted basis. The company had implemented a 1-for-25 reverse stock split, that went into effect on Aug. 10, following a 1-for-20 reverse split in August 2019. The stock has plunged 93.4% year to date, while the S&P 500 has gained 4.8%.
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