ATHENS, Greece, December 04, 2022 (GLOBE NEWSWIRE) — TOP Ships Inc. SHARPEN (the “Company”), an international owner and operator of modern, fuel-efficient “ECO” tankers, today announced pricing for a public offering of 6,750,000 units at a price of $2.00 per unit. Each unit will consist of one common share and one Class C common share purchase warrant and will be severed immediately upon issuance. Gross proceeds from the offering to the Company, before rebates and commissions and estimated costs of the offering, are expected to be approximately $13.5 million.

Each Class C warrant is exercisable immediately for one common share at an exercise price of $2.00 per share and expires five years from issuance. The offering is expected to close on or about December 6, 2022, subject to customary closing conditions.

Maxim Group LLC is acting as sole placement agent in connection with the Offering.

The offering is being conducted pursuant to the Company’s registration statement on Form F-1 (File Number 333-267545) previously filed with the Securities and Exchange Commission (“SEC”) on December 2, 2022 and subsequently effective. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the definitive prospectus relating to this offering, if available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022 at (212) 895-3745.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor may there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale is pending registration would be unlawful or qualify under the securities laws of any such state or jurisdiction.

About TOP Ships Inc.

TOP Ships Inc. is an international shipping company. For more information about TOP Ships Inc. visit the website: www.topships.org.

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