Top Financial sells 2M shares at $2.50 in registered direct offering

Top Financial announced that it has entered into a definitive agreement with certain investor for the purchase and sale of 2M ordinary shares together with warrants to purchase up to 2M ordinary shares at a combined purchase price of $2.50 per share and accompanying warrant, pursuant to a registered direct offering resulting in total gross proceeds of approximately $5M. The warrants will have an exercise price of $2.75, will be exercisable immediately after the date of issuance and will expire three months following the initial exercise date. The closing of the offering and sale of the securities is expected to occur on or about February 14. Univest Securities is acting as the sole placement agent for the offering.