Top ships announces increase from previously announced management estimate of net asset value to $344 million and contracted revenue backlog of $400 million

Athens, greece, dec. 12, 2023 (globe newswire) -- top ships inc. (the “company” or “top ships”) (nasdaq:tops), an international owner and operator of modern, fuel efficient “eco” tanker vessels, announced today that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the company's net asset value (“nav”) as of december 12, 2023 to be $344 million, increased from the previously-announced estimate of $285 million as of june 30, 2023. this translates into a nav of $74.36 per common share (based on number of common shares currently outstanding) and $61.15 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants for cash).
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