The TOP Ships reverse split will consolidate every 10 issued common shares into one when trading opens on November 6, 2026. The tanker owner announced the board-approved 1-for-10 split on October 27.

Key Takeaways

  • Shares are scheduled to begin trading on a split-adjusted basis under the existing TOPS symbol on November 6.
  • Shareholders who would otherwise receive fractional shares will receive cash instead.

How the TOP Ships reverse split works

The number of outstanding shares will be reduced to one-tenth of the November 5 total, subject to adjustments for fractional shares. The $0.01 par value per share and the total number of shares the company is authorized to issue will not change.

TOP Ships said the split will not directly affect its market capitalization or change voting rights and other share terms. Shareholders’ ownership percentages will remain unchanged except where fractional shares are cancelled.

Fractional shares and account updates

The company will not issue fractional shares. Instead, it will pay affected shareholders cash based on their fractional entitlement multiplied by the November 5 closing share price, adjusted for the split as appropriate.

Shareholders whose shares are held in book-entry form or through a bank, broker or other nominee do not need to take action. The change should appear in their accounts on or after November 6.

Trading details and company operations

The shares will continue to trade on NYSE American under the symbol TOPS. Their new CUSIP following the split will be Y8897Y 883.

TOP Ships operates tankers that transport crude oil, petroleum products and bulk liquid chemicals. The company said its operating fleet has a total capacity of 857,000 deadweight tons.

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