TOP Ships Shares Fall Below NASDAQ Par

Greek-based shipowners TOP Ships Inc. announces receipt of Nasdaq notice.

TOP SHIPS Inc. is engaged in the worldwide transportation of liquid and petroleum cargoes as well as dry bulk cargoes through the ownership of a fleet of 6 tankers and 1 dry bulk carrier.

TOP Ships Inc. announce  that it has received written notification from the Nasdaq Stock Market ("Nasdaq"), indicating that because the market value of the Company's publicly held shares for the previous 30 consecutive business days was below the minimum $5,000,000 requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(1)(C). The applicable grace period to regain compliance is 180 days.

This notification has no effect on the listing of the Company's common stock at this time.

The Company intends to monitor the market value of its publicly held shares between now and February 19, 2013, the expiration of the 180-day grace period, and is considering its options in order to regain compliance with this Nasdaq requirement.