Top Ships Inc. (Nasdaq:TOPS) announced the corporate developments. In order to help meet its short term liquidity requirements, the Company has issued 11,111,111 common shares to Sovereign Holdings Inc. in exchange for a cash infusion of $5 million under their previously announced equity line financing agreement. Sovereign is wholly-owned by the Company's President, Chief Executive Officer and Director, Evangelos J. Pistiolis.

Top Ships Inc. provides international seaborne transportation services. The company employs its tanker and drybulk vessels primarily under time charter and bareboat charters, as well as spot charter basis.

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