TOP Ships Inc. (the "Company") announced today that since June 16, 2017 it has issued and sold 776,525 common shares par value $0.01 per share pursuant to its previously announced purchase agreement by and among the Company and Kalani Investments Limited dated February 2, 2017, as amended (the "Purchase Agreement"). As of the date hereof, up to $10.7 million worth of shares is remaining that the Company may sell pursuant to the Purchase Agreement. Furthermore the Company issued 6,502,660 common shares par value $0.01 per share pursuant to conversions of 2,815 Series C convertible preferred shares. As of the date hereof, the Company has 4,685 Series C convertible preferred shares outstanding. Mainly as a result of these issuances the Company currently has issued and outstanding 8,640,174 shares.

Furthermore in connection with conversions of Series C preferred shares, the Exercise Price (as defined in the Warrant Agreement) of the Warrants (the "Warrants") issued in a public offering by the Company pursuant to the warrant agreement dated June 11, 2014 (the "Warrant Agreement") is adjusted to $0.35 and the number of common shares of the Company purchasable by each Warrant is 7.12 Warrant Shares (as defined in the Warrant Agreement).  Also, as previously announced, the issuance of the Series C Preferred Shares constitutes an issuance of Variable Price Securities (as defined in the Warrant Agreement) and that, pursuant to Section 2(d) of the Warrant Agreement, each Holder shall have the right, but not the obligation, to, in any exercise of Warrants, designate the Variable Price (as defined in the Warrant Agreement) at which the Series C Preferred Shares are convertible.

The information herein reflects the previously announced 1-for-15 reverse stock split effected on June 23, 2017.

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that 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 accomplish these expectations, beliefs or projections.