Top Ships Announces Management Estimate of Diluted Net Asset Value Per Share of $5.27

TOP Ships Inc, an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that the Company’s management estimates the company’s Net Asset Value (“NAV”), based on charter free vessel values, debt and cash as of December 31, 2022 as adjusted for the equity offering that priced on February 14, 2023, to be $286 million.

This translates into an NAV of $14.05 per common share (based on number of common shares currently outstanding) and $5.27 per common share on a fully diluted basis (assuming exercise of all outstanding warrants for cash and conversion of all outstanding Series E perpetual preferred shares at their current conversion price).

The Company also announced that as of today it has 3,834,082 Series F perpetual preferred shares outstanding.