TOP Financial Announces $5 Mln Direct Offering Of Shares, Warrants; Stock Drops 30%

Online brokerage firm TOP Financial Group Ltd (TOP), Monday announced the pricing of a direct offering of 2 million shares along with warrants to purchase up to 2 million shares, at a combined price of $2.50 per share, to raise $5 million.

The company said that the warrants will be exercised at the price of $2.75 per warrant, which will be exercisable immediately after the date of issuance and will expire three months from the initial exercise date.

The offering is expected to close on or about February 14.

Currently, TOP's stock is tumbling 30.51 percent, to $3.74 over the previous close of $5.39 on a volume of 2,201,620 on the Nasdaq.

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