Core Viewpoint - TOP Ships Inc. has entered into an agreement to acquire 100% of the shares of nine Marshall Islands companies, which are counterparties to shipbuilding contracts for nine very-high specification Medium Range product/chemical oil tankers, scheduled for delivery in 2028 and 2029 [1][2]. Group 1: Acquisition Details - The acquisition involves a total purchase price of approximately $41 million for the shares of the SPVs [4]. - The effectiveness of the shipbuilding contracts is contingent upon customary refund guarantees and the conclusion of financing arrangements [2]. - The SPVs are finalizing lease financing agreements with two major Chinese leasing companies, covering the majority of the shipbuilding contracts' price for all nine vessels [2]. Group 2: Revenue Potential - A major oil trader has secured time charter employment for all vessels for a firm duration of seven years, with an option to extend for an additional four years [3]. - The total potential gross revenue backlog from these contracts, including optional years, is estimated to be around $679 million [3]. Group 3: Governance and Oversight - The transaction was approved by a special committee of independent members of the Company's board of directors, which obtained a fairness opinion from an independent financial advisor [4].