Top Ships Inc. Announces Pricing of Public Offering

Athens, Greece – June 6, 2014

Top Ships Inc. (NasdaqGS: TOPS) (the “Company” or “Top Ships”) announced today the pricing of an underwritten public offering of 10,000,000 shares of its common stock, and warrants to purchase 5,000,000 common shares, at $2.00 per common share and $0.00001 per warrant. The warrants have an exercise price of $2.50 per share, are exercisable immediately, and will expire five years from the date of issuance. Top Ships has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 common shares and/or up to 750,000 additional warrants to cover over-allotments, if any.

The offering is expected to close on June 11, 2014. The gross proceeds from this offering before deducting the underwriting discount and other offering expenses payable by the Company are expected to be $20,000,050. The net proceeds of this offering are expected to be used to finance part of Top Ship’s contractual commitments in relation to its fleet and for working capital and general corporate purposes.

Aegis Capital Corp. is acting as the sole book-running manager of the offering.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission (the “SEC”) on June 6, 2014. A preliminary prospectus relating to the offering was filed with the SEC, and a final prospectus will be available on the SEC’s website, www.sec.gov. Copies of the final prospectus relating to this offering, when available, may be obtained from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other 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 other jurisdiction.

About Top Ships Inc.
Top Ships Inc. is an international ship-owning company. For more information about Top Ships Inc., visit its website: www.topships.org.

Top Ships Inc. press release