ATHENS, Greece, June 15, 2020 (GLOBE NEWSWIRE) – TOP Ships Inc. (the “Company”) (TOPS) announced today that it has entered into an employment agency agreement with Maxim Group LLC regarding the sale common shares of the Equities Company (the “Placement Agency Agreement”). Pursuant to the placement agency agreement, the Company has entered into a securities purchase agreement with certain institutional investors in connection with a registered direct placement of a total of 60,000,000 common shares at a price of public offering of $ 0.13 per share (the “Registered Placement”). The total gross proceeds of the registered placement are $ 7.8 million. The registered placement is expected to close on or around June 17, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is the sole placement agent in connection with the offering.

Common shares are being offered pursuant to a pre-registration statement on Form F-3 (File No. 333-234281) previously filed and declared effective by the United States Securities and Exchange Commission (“SEC”). A prospectus supplement relating to the Offer will be filed by the Company with the SEC. Once filed, copies of the Prospectus Supplement, along with the accompanying Base Prospectus, can be obtained from the SEC’s website at http://www.sec.gov or from the offices of Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, Attn .: Prospectus Department, or by phone at (212) 895-3745.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal before registration or qualification. under the securities laws of such jurisdiction. Any offer of securities will be made only by means of a supplement to the prospectus and the accompanying base prospectus.

About TOP Ships Inc.

TOP Ships Inc. (TOPS) is an international owner and operator of modern and fuel efficient “ECO” tankers, currently focused on the transportation of crude oil and petroleum products.

Caution regarding forward-looking statements

The matters discussed in this press release may constitute “forward-looking statements” within the meaning of US federal securities laws. The Private Securities Litigation Reform Act of 1995 provides safe havens for forward-looking statements to encourage companies to provide forward-looking information about their activities. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, and underlying assumptions and other statements, which are other than statements of historical fact.

The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “foresee”, “project”, “plan”, “potential”, “can”, “should”, “expect” at ”,“ pending ”and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, our management’s review of operating trends. historical data, data in our records and other data available from third parties. Although we believed these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you. that we will achieve or achieve those expectations, beliefs or projections.

For more information please contact:

Alexandros Tsirikos
Financial director
TOP Ships Inc.
Phone. : +30 210 812 8107
Email: atsirikos@topships.org