Top Ships (TOPS) Prices 117.188M Share Common Offering at $0.128/Sh

TOP Ships Inc. (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 117,187,500 common shares at a public offering price of $0.128 per share (the “Registered Offering”). The aggregate gross proceeds of the Registered Offering is $15.0 million. The Registered Offering is expected to close on or about June 12, 2020, subject to the satisfaction of customary closing conditions. The net proceeds of this offering may be used for the exercise of one of the purchase options, as part of a transaction with the Company’s Chief Executive Officer, as previously disclosed on May 29, 2020, for the remaining 50% interest in a ship-owning company that owns a newbuilding contract for an ultra-high specification scrubber-fitted eco Suezmax tanker with a purchase price of $11.0 million and the remainder for general corporate purposes.

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

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