Top Ships Announces That It Will Distribute 100% Of The Common Shares Of Rubico Inc To Its Securityholders On August 1, 2025, As Part Of A Previously Announced Spin-off Involving Two Of Its Modern, Fuel-efficient Suezmax Tankers

TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE:TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that the expected distribution date for the common shares of Rubico Inc. ("Rubico") is August 1, 2025.

Rubico common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on August 4, 2025, the first trading day after the date of distribution, under the ticker "RUBI".

As previously announced, TOP Ships intends through Rubico to effect a spin-off of two of its vessels, the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025. As previously announced, the NYSE American established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares traded without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off.