Top Ships (TOPS) Prices $15.9 Million Common Shares Registered Direct Offering

TOP Ships Inc. (the “Company”) (NASDAQ: TOPS) announced today that it has entered into a placement agency agreement with Maxim Group LLC relating to the sale of the Company’s common shares (the “Placement Agency Agreement”). Pursuant to the 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 158,640,000 common shares at a public offering price of $0.10 per share (the “Registered Offering”). The aggregate gross proceeds of the Registered Offering is $15.9 million. The Registered Offering is expected to close on or about July 9, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is the sole placement agent in connection with the offering.

The common shares are being offered pursuant to a shelf registration statement on Form F-3 (File No. 333-234281) previously filed and declared effective by the United States Securities and Exchange Commission (“SEC”).

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