Top Ships (TOPS) Announces Increase in Shareholding by Pistiolis Family to 73% Via Full Conversion of Preferred Shares and Open-Market Purchases

December 7, 2023 8:32 AM EST

TOP Ships Inc. (the “Company” or “Top Ships”) (NASDAQ: TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it has issued 2,930,718 common shares pursuant to an exercise notice for the conversion of 100% of the Series E preferred shares held by a trust for the benefit of family members of the Company’s CEO.

Following this issuance, as of the date hereof, the total number of common shares outstanding is 4,626,224, and the CEO together with his family trust owns 3,377,164 common shares, or 73.0% of the outstanding common shares. The common shares issued on conversion of the Series E preferred shares are restricted shares under the Securities Act of 1933, as amended. Along with the shares purchased in the open market by the CEO, these shares have not been registered for resale and may be resold in the open market only pursuant to the volume limitations of Rule 144.

The Company’s CEO said:

“As I have mentioned on various occasions, the recent trading price of our common shares clearly does not reflect the intrinsic value of the Company. I therefore decided, as I have disclosed through recent SEC filings, to acquire a significant shareholding of 446,030 common shares in open-market purchases, thus clearly demonstrating my commitment and support to this company.”

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