TOP Ships announces increase in shareholding by Pistiolis family

TOP Ships has issued 2,930,718 common shares pursuant to an exercise notice for the conversion of 100% of the Series E preferred shares held by a trust for the benefit of family members of the Company’s CEO. Following this issuance, as of the date hereof, the total number of common shares outstanding is 4,626,224, and the CEO together with his family trust owns 3,377,164 common shares, or 73.0% of the outstanding common shares. The common shares issued on conversion of the Series E preferred shares are restricted shares under the Securities Act of 1933, as amended. Along with the shares purchased in the open market by the CEO, these shares have not been registered for resale and may be resold in the open market only pursuant to the volume limitations of Rule 144.