Top Ships (TOPS) Announces New $10 Million Equity Line Financing

Top Ships Inc. (Nasdaq: TOPS) has entered into an equity line financing agreement in the amount of $10 million with Sovereign Holdings Inc., a company that is wholly owned by its President, Chief Executive Officer and Director, Evangelos J. Pistiolis. The terms of the agreement enable TOP Ships, at its discretion, to sell to Sovereign up to $10 million of TOP Ships common stock in tranches, at a discount to the prevailing market price at each drawdown, for up to one year from the signing of the agreement. The agreement also gives Sovereign registration rights, subject, however, to a lock-up agreement covering shares drawn down pursuant to the agreement for a period of one year from each drawdown date.

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