Top Ships (TOPS) Says F-1 Shelf Related to Warrants Now Effective; Warrant Holders Eligible to Exercise

August 10, 2016 3:49 PM EDT

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TOP Ships Inc. (Nasdaq: TOPS) announced that the Securities and Exchange Commission (“SEC”) has declared effective the Company’s registration statement on Form F-1 (the “Registration Statement”) relating to underlying common shares of warrants (the “Warrants”) issued in connection with the Company’s follow-on offering launched in June 2014.

While the Registration Statement is effective the Warrant holders are required to cash exercise the Warrants. As disclosed in the Company’s annual report on Form 20-F and the Registration Statement, each warrant currently purchases 0.89 common shares (the “Warrant Shares”) at the exercise price per Warrant Share of $2.80, as may be further adjusted.

Should a Warrant holder be interested in exercising hers/his Warrants, she/he should contact the Company’s Warrant agent (“Computershare”) at their contact center number (800)-546-5141.

In order to exercise the Warrants, a holder is required to provide the information requested on the Warrant certificate and deliver hers/his Warrant certificate to Computershare. The Warrant holder should send hers/his completed Warrant certificate to “Computershare, C/O Voluntary Offers, 250 Royall Street, Suite V, Canton, MA 02021”. Consideration for the Warrants should be in the form of wire payment and checks. Should a Warrant holder want to pay via a wire transfer she/he should call the Computershare contact center number at (800)-546-5141 and notify Computershare in advance. Upon receipt by Computershare of the Warrant certificate and proof of payment, Computershare will issue the shares via DRS in book entry form.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



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