Wed. Nov 20th, 2019

TOP Ships stock drops, after 6th reverse split in past 2 years

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TOP Ships Inc. shares

TOPS, -2.73%

fell 5.3% to $6.59, but this was after the price was adjusted following another reverse stock split. The Greece-based ship-owning company effected a one-for-20 reverse stock split Tuesday, which in effect lifted the stock’s Wednesday closing price to $6.96 from about 35 cents. The reverse split follows a 1-for-10 split in March 2018 and four reverse splits in 2017 that increased the stock price by a multiple of 18,000 that year, according to data provided by FactSet. In total, there have been 10 reverse splits since March 2008 that have increased the stock price by a multiple of 7.56 billion. After adjusting for the splits, the price of the stock’s record close on Nov. 26, 2004 has increased to $173,502,005,200. The stock has lost 65% over the past 12 months, while the S&P 500

SPX, -0.60%

has gained 2.3%.

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