$TOPS $SHIP Placement Agency Agreement, the Company entered into a securities purchase agreement with certain institutional investors in connection with a registered direct offering of an aggregate of 166,666,667 common shares at a public offering price of $0.12 per share (the "Registered Offering"). The aggregate gross proceeds of the Registered Offering is $20.0 million. The Registered Offering is expected to close on or about June 26, 2020, subject to the satisfaction of customary closing conditions.