ATHENS, Greece - TOP Ships Inc. (Nasdaq:TOPS) (the “Company”), an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced today the following corporate developments:

Delivery of M/T Eco Revolution

The Company took delivery of the M/T Eco Revolution, a 39,000 dwt fuel efficient “ECO” MR product tanker, the fourth of six vessels under construction in the Company’s fleet. The remaining two vessels are scheduled for delivery in the second and third quarter of 2016.

Commencement of BP Charter

The M/T Eco Revolution has commenced its time charter employment with BP Shipping Limited.

1-for-10 reverse stock split

The Company’s Board of Directors has determined to effect a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders previously approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company’s annual general meeting on December 23, 2015.

The reverse stock split will take effect, and the Company’s common stock will begin trading on a split-adjusted basis on the Nasdaq, as of the opening of trading on February, 22, 2016 under the existing trading symbol “TOPS.” The new CUSIP number for the common stock following the reverse stock split is Y8897Y156.

When the reverse stock split becomes effective, every 10 shares of the Company’s issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock. This will reduce the number of outstanding common shares from approximately 34.3 million shares to approximately 3.4 million shares.

No fractional shares will be issued in connection with the reverse split of the issued and outstanding common stock. Shareholders who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of the Company’s common stock on the Nasdaq on February 19, 2016.

Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after February 22, 2016. Such beneficial holders may contact their bank, broker, or nominee for more information.

Shareholders with shares held in certificate form will receive instructions from the Company’s exchange agent, Computershare, for exchanging their stock certificates for a new certificate representing the shares of common stock resulting from the reverse split.