Top Ships (TOPS) Prices 40M Share Direct Offering at $0.20/Sh

TOP Ships Inc. (NASDAQ: TOPS) announced today that it has entered into a placement agent agreement with Maxim Group LLC relating to the sale of the Company’s securities (the “Placement Agent Agreement”). Pursuant to the Placement Agent Agreement, the Company entered into a securities purchase agreement with certain institutional investors in connection with a registered direct offering of an aggregate of 40,000,000 common shares at a public offering price of $0.20 per share in a registered direct offering priced at-the-market under Nasdaq rules (the “Registered Offering”). The aggregate gross proceeds of the Registered Offering is $8.0 million. The Registered Offering is expected to close on or about April 1, 2020, subject to the satisfaction of customary closing conditions.

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

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