Top Ships Inc. (NASDAQ:TOPS)’s stock plunged 36.21% to $1.85. The company on June 6 announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock, and warrants to purchase 5,000,000 common shares, at $2.00 per common share and $0.00001 per warrant. The warrants have an exercise price of $2.50 per share, are exercisable immediately, and will expire five years from the date of issuance. Top Ships has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 common shares and/or up to 750,000 additional warrants to cover over-allotments, if any. The offering is expected to close on June 11, 2014. The gross proceeds from this offering are expected to be $20,000,050.
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Smith Micro Software Inc. (NASDAQ:SMSI)’s stock fell 19.71% to $0.85. The company on June 6 issued the following statement regarding recent market rumors about the Company’s products. While it is our policy not to comment on market rumors, management has become aware of rumors circulating that the Company’s technology will be used in a future smartphone by Amazon.com. The Company is not involved in developing a product with Amazon.com, and is not aware of any material undisclosed developments that would account for the unusual trading activity in the Company’s stock.
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Spherix Inc (NASDAQ:SPEX)’s shares declined 0.59% to $1.68. The company announced that Mr. Anthony Hayes, CEO presented at the LD Micro 4th Invitational Conference. The Company’s presentation was scheduled for 11:30 a.m. (PT) June 4, 2014 in track four.
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Additionally, the company on June 3 announced that it has completed a $20 million equity financing consisting of 10 million shares of Series J Convertible Preferred Stock (convertible into common stock) at $2 per share to raise gross proceeds of $20 million, before payment of placement agent fees and other expenses of the offering payable by us. No warrants were issued as part of the transaction. The transaction was closed on June 2, 2014.
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