TOP Ships Inc. Announces Receipt of Nasdaq Notice

TOP Ships Inc.

, an international ship-owning company, announced today that it has received written notification from the Nasdaq Stock Market ("Nasdaq"), dated August 21, 2012, 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. About TOP Ships Inc. TOP Ships Inc. is an international ship-owning company. For more information about TOP Ships Inc., visit its website: www.topships.org. Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about