Top Ships Inc. agreed to Spin-Off Rubico Inc. of January 10, 2023. Upon completion, Rubico Inc. will be an independent publicly-traded company. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico to its securityholders and expects there to be no overlapping board members or management between Rubico and TOP Ships.

Transaction is subject to registration statement effectiveness, the submission and approval of Rubico’s request for its common shares to be quoted on the OTCQX, and approval by the board of directors of TOP Ships. TOP Ships anticipates that the spin-off will be completed in September 2023.