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TOP Ships announces reverse stock split to be effective June 24

TOP Ships announced that its board has determined to effect a 1-for-10 reverse stock split of the company's common stock. The company's shareholders approved the reverse stock split and granted the board the authority to determine the exact split ratio and proceed with the reverse stock split at the company's 2010 annual general meeting of shareholders held on September 30, 2010. The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the Nasdaq Global Select Market, as of the opening of trading on Friday, June 24. Beginning on that date, the company's shares will trade for 20 trading days under the symbol "TOPSD" to indicate that the reverse stock split has occurred. Thereafter, the company's symbol will revert to its original symbol "TOPS."  A new CUSIP number will be assigned to the company's common stock when the reverse stock split becomes effective.