TOP SHIPS Inc. Announces Reverse Stock Split To Be Effective June 24, 2011

ATHENS, GREECE – June 23, 2011 – TOP Ships Inc. (NasdaqGS: TOPS), an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities (the “Company”), today announced that its Board of Directors (the “Board”) has determined to effect a 1-for-10 reverse stock split of the Company’s common stock. The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company’s 2010 annual general meeting of shareholders held on September 30, 2010.

The reverse stock split will take effect, and the Company’s common stock will begin trading on a split-adjusted basis on the NASDAQ Global Select Market, as of the opening of trading on Friday, June 24, 2011. Beginning on that date, the Company’s shares will trade for 20 trading days under the symbol “TOPSD” to indicate that the reverse stock split has occurred. Thereafter, the Company’s symbol will revert to its original symbol “TOPS.” A new CUSIP number will be assigned to the Company’s common stock when the reverse stock split becomes effective.

When the reverse stock split becomes effective, every 10 shares of the Company’s issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share or the total number of authorized shares. This will reduce the number of outstanding shares of the Company’s common stock from approximately 46.7 million shares to approximately 4.7 million shares.

No fractional shares will be issued in connection with the reverse split of the issued and outstanding common stock. Shareholders who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu of such fractional share. Shareholders will receive instructions from the Company’s exchange agent, Computershare Trust Company N.A., as to how to exchange existing share certificates for new certificates representing the post-reverse split shares.

Additional information about the reverse stock split can be found in the Company’s proxy statement furnished to the Securities and Exchange Commission on August 13, 2010, a copy of which is available at www.sec.gov.

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