ATHENS, Greece, Nov. 28, 2025 (GLOBE NEWSWIRE) — TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American:TOPS), a world proprietor and operator of contemporary, fuel-efficient “ECO” tanker vessels, introduced lately that it has entered right into a letter of intent for the possible acquisition of sure residential actual property property in Dubai from an organization affiliated with Mr. Evangelos J. Pistiolis, the Corporate’s President and Leader Govt Officer. Underneath the letter of intent, TOP Ships has been granted an unique proper and an solution to gain all or a portion of a portfolio of property with an estimated combination marketplace price in far more than $200 million. Within the Corporate’s view, Dubai is without doubt one of the international’s most enticing actual property markets, supported via robust world investor self assurance, clear laws, and a resilient, high-growth financial system.
The acquisition value on workout of the choice with appreciate to any of the houses might be at a ten% bargain to honest marketplace price as decided via two unbiased value determinations. Previous to December 31, 2025, TOP Ships will make an advance money cost of $23.5 million to be credited towards the purchase value or refunded to the level the Corporate does now not elect to workout the acquisition choice. The choice length expires 90 days following this advance cost.
The access into the letter of intent used to be licensed via a distinct committee composed of unbiased contributors of the Corporate’s board of administrators. The workout of the acquisition choice stays topic to the approval of the particular committee. Right through the 90-day choice length the particular committee will habits a due diligence procedure and analysis of the possible transaction taking into consideration marketplace stipulations and different elements, and there may also be no assurance that the acquisition choice might be exercised or that the purchase of the property topic to the acquisition choice or any identical transaction involving actual property property might be consummated.
About TOP Ships Inc.
TOP Ships Inc. is a world proprietor and operator of ocean-going vessels that specialize in trendy, fuel-efficient eco tanker vessels transporting crude oil, petroleum merchandise (blank and grimy) and bulk liquid chemical substances. For more info about TOP Ships Inc., discuss with its web page: www.topships.org.
Cautionary Be aware Relating to Ahead-Taking a look Statements
Issues mentioned on this press unlock would possibly represent forward-looking statements. The Personal Securities Litigation Reform Act of 1995 supplies protected harbor protections for forward-looking statements in an effort to inspire firms to supply potential details about their industry. Ahead-looking statements come with statements relating to plans, targets, objectives, methods, long run occasions or efficiency, and underlying assumptions and different statements, which might be as opposed to statements of historic info, together with statements in regards to the doable acquisition of actual property property.
The Corporate wants to benefit from the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995 and is together with this cautionary commentary in reference to this protected harbor regulation. The phrases “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending,” and identical expressions establish forward-looking statements. The forward-looking statements on this press unlock are based totally upon quite a lot of assumptions, lots of which might be based totally, in flip, upon additional assumptions, together with, with out limitation, our control’s exam of historic working tendencies, information contained in our information, and different information to be had from 3rd events. Even if we imagine that those assumptions have been affordable when made, as a result of those assumptions are inherently topic to important uncertainties and contingencies which might be tough or unattainable to are expecting and are past our keep an eye on, we can not guarantee you that we will be able to succeed in or accomplish those expectancies, ideals, or projections. Please see our filings with the Securities and Alternate Fee for a extra entire dialogue of those and different dangers and uncertainties. The tips set forth herein speaks best as of the date hereof, and we disclaim any aim or legal responsibility to replace any ahead‐shopping statements because of tendencies happening after the date of this verbal exchange.
