On 22 August, Greece-based Top Ships traded in 20 shares of its ‘old’ stock for one new share, at the same time elevating its stock price from about 35 cents to $6.96.
The reverse split solved a problem: Top hadn’t traded over $1 per share since January, and in March had received a notice from New York’s Nasdaq that it faced delisting if it did not cure the minimum-price issue by September.
