TOP Ships announces share repurchase program

TOP Ships announced a share repurchase program. The Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $4 million of its outstanding common shares, representing approximately 5.2% of the Company’s market capitalization as of December 13, 2023, for a period of three months. The Board will periodically review the Company’s Repurchase Program, and may decide to extend its term or increase the authorized amount. The specific timing and amount of repurchases, if any, will be at the discretion of the Company’s management team, and will depend upon a variety of factors, including market conditions, regulatory requirements, capital allocation alternatives, and other corporate considerations. The Company is not obligated under the program to purchase any common shares. The repurchase program may be suspended or discontinued at any time.