TOP SHIPS INC. ANNOUNCES RECEIPT OF NASDAQ NOTICE

ATHENS, GREECE – March 30, 2011 – TOP Ships Inc. (NasdaqGS: TOPS), an international provider of worldwide seaborne crude oil, petroleum products, and drybulk transportation services, announced today that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated March 28, 2011, indicating that because the closing bid price of the Company’s common stock for the previous 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days.

This notification has no effect on the listing of the Company's common stock at this time.

The Company intends to monitor the closing bid price of its common stock between now and September 26, 2011 and is considering its options in order to regain compliance with the Nasdaq Global Market minimum bid price requirement.

About TOP Ships Inc.
TOP Ships Inc., is an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities.

For more information about TOP Ships Inc., visit its website: www.topships.org.

Top Ships Press Release