Top Ships Inc. announces withdrawal of F-1 registration statement

Athens, Greece – July 29, 2014

TOP Ships Inc. (NasdaqGS: TOPS) (“Top Ships” or the “Company”), an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced today that it has determined to voluntarily withdraw its Registration Statement on Form F-1 that was filed with the Securities and Exchange Commission on July 14th, 2014.

Evangelos Pistiolis, CEO of TOP Ships, stated:
“The last month, and especially after the filing of our registration statement, our stock price has receded by about 20%. Despite the fact that we have identified some excellent investment opportunities, we decided not to proceed with an offering at this point in time. We are trading at a large discount to our Net Asset Value, perhaps the largest discount in the sector, and we intend to communicate this to investors. We are optimistic that the current disconnect between our Net Asset Value and stock price will narrow. Our overall strategy continues to be focused on growth.”

About TOP Ships Inc.
TOP Ships Inc. is an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products. Top Ships Inc. currently owns one MR tanker, employed on a time charter, and has five newbuilding MRs, which are expected to be delivered to the Company between the first quarter of 2015 and the third quarter of 2016. For more information about TOP Ships Inc., visit its website: www.topships.org.

Top Ships Inc. press release