TOP SHIPS INC.

TOP Ships Inc. announced it is acquiring three special purpose vehicles (SPVs), each holding a shipbuilding contract for a new high-specification, ECO, scrubber-fitted MR Product Tanker. These vessels have secured firm 5-year time charters with an oil major, with an option for an additional year, contributing approximately $140.6 million to the potential gross revenue backlog. The aggregate purchase price for the SPVs is about $7.4 million, net of a $23.5 million refund from a previously cancelled Dubai real estate deal. This strategic acquisition expands the company's core tanker business and diversifies its charterer base, increasing the total potential gross revenue backlog to approximately $929 million.

TOP Ships Inc. announced that its management estimates the Net Asset Value (NAV) as of June 30, 2026, to be $359.2 million, marking a 24% increase from the previously reported NAV. This translates to $47.19 per common share and $12.49 per common share on a fully diluted basis. The CEO highlighted that the company is currently trading at a 94% discount to its fully-diluted NAV and plans to sell its megayacht to reinvest capital into its core tanker business, which includes a pipeline of eight newbuilding tankers.

TOP Ships Inc. announced its estimated Net Asset Value (NAV) as of June 30, 2026, to be $359.2 million, marking a 24% increase from the prior report. This translates to a fully diluted NAV of $12.49 per common share, with the company currently trading at a 94% discount to this estimate. The company also highlighted its modern, fuel-efficient fleet and a pipeline of eight new MR tanker vessels. Furthermore, TOP Ships plans to sell its megayacht to reallocate significant capital towards its core tanker operations.

TOP SHIPS INC. filed a Form 6-K with the SEC on July 22, 2026. The filing announced that the company issued a press release on the same date, which is attached as Exhibit 99.1. This press release is incorporated by reference into the company's registration statements on Form F-3.

TOP Ships Inc. announced its decision to sell the M/Y Para Bellvm megayacht and exit the megayacht sector. The 47-meter yacht, built in 2023, is being sold to release significant capital, which is expected to be a multiple of the company's current market capitalization. This capital will be redeployed into its core tanker business, though the company cautioned that there is no assurance regarding the completion, timing, or terms of the sale.

TOP Ships Inc. announced its decision not to exercise the option to acquire residential real estate assets in Dubai, as previously outlined in a November 2025 letter of intent. The company will receive a refund of its $23.5 million advance payment, with no further obligations for the potential transaction. This strategic decision, made by a special committee, was influenced by continued instability in the Gulf region and the company's intent to deploy the capital towards expanding its core tanker business.

TOP SHIPS Inc. filed a Form 6-K with the SEC on July 15, 2026. The filing indicates that the company issued a press release on the same date, which is attached as Exhibit 99.1 and incorporated by reference. The specific content of the press release is not detailed in this filing, but it is incorporated into the company's Form F-3 registration statements.

TOP Ships Inc. announced an agreement to sell 100% of the shares of a Marshall Island company (SPV) to Rubico Inc. The SPV holds a shipbuilding contract for a 47,499 dwt Medium Range product/chemical oil tanker, scheduled for delivery in 2029. The selling price for the SPV is approximately $6.25 million, with the transaction expected to close by September 30, 2026. The sale received approval from a special committee of independent directors, supported by a fairness opinion.

TOP Ships Inc. announced that its 2022-built Very Large Crude Carrier (VLCC), M/T Legio X, has safely exited the Strait of Hormuz. The vessel continued to earn revenue under its existing time charter employment throughout the disruption, with no interruption to contracted cash flows. Additionally, the company noted that the value of comparable VLCCs has increased by approximately 13% since the management's net asset value estimate on March 10, 2026.

TOP Ships Inc. announced two amendments to related-party transactions. The company extended the payment deadline for $16.1 million owed to Central Mare Inc., an affiliate of its CEO, for the acquisition of nine tanker SPVs, pushing the due date to July 31, 2026. Additionally, the expiration date for an exclusive option to acquire a Dubai real estate portfolio, valued over $200 million, from its CEO was also extended to July 31, 2026, to allow further evaluation due to geopolitical conditions.