TOPS Share Sale

Last week, Top Ships Inc. (“TOPS”) entered into a shelf registration to sell up to $500 million of common shares, preferred shares and warrants, including the sale of 70,462,300 common shares by selling shareholders. Contemporaneously, the company also entered into a Standby Equity Distribution Agreement (“SEDA”) with YA Global Master SPV LTD (“YA Global”), an investment vehicle managed by Yorkville Advisors LLC, who previously utilized a similar structure with OceanFreight. Under the latter agreement, which is sometimes referred to as an equity line of credit arrangement, TOPS has the option, for a three year period from the effective date of a registration statement, to sell its common shares to YA Global for a total of up to $200 million, at the company’s sole discretion. YA Global intends to sell up to an estimated amount of 70,462,300 of these shares.