Top Ships (TOPS) Registration filing summary

Company overview and business model

• International owner and operator of modern, fuel-efficient eco tanker vessels focused on transporting crude oil, petroleum products, and bulk liquid chemicals.

• Fleet includes one MR tanker, three Suezmax tankers, two VLCCs, and 50% interests in two MR tankers, totaling 1,435,000 dwt.

• Vessels are certified by the IMO and equipped with advanced fuel efficiency and emission reduction technologies.

• Operations are supported by a management team with extensive industry experience and strong relationships with major oil companies and traders.

Financial performance and metrics

• As of December 31, 2024, total capitalization was $403.7 million, with $259.3 million in debt and $144.4 million in shareholders' equity.

• Adjusted for recent transactions and the offering, total capitalization would be $325.5 million, with $175.5 million in debt and $150.0 million in equity.

• The aggregate market value of outstanding common shares held by non-affiliates as of September 29, 2025, was approximately $6.77 million.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used for general corporate purposes, including potential vessel acquisitions aligned with the growth strategy.

• Proceeds from warrant exercises, if any, will also be used for working capital and asset acquisitions, though no specific acquisitions have been identified.