A Florida-based investment management firm is taking a notable wager on Top Ships, whose shares keep falling after a recent one-day plummet.

Intracoastal Capital has bought 950,684 common units in the Evangelos Pistiolis-led tanker owner, reflecting a 9.99% stake in the Greek company.

Intracoastal, which is led by Mitchell Kopin and Daniel Asher, has investments in 61 other companies, most being in the pharmaceutical sector.