<SEC-DOCUMENT>0000919574-21-000153.txt : 20210108
<SEC-HEADER>0000919574-21-000153.hdr.sgml : 20210108
<ACCEPTANCE-DATETIME>20210108161117
ACCESSION NUMBER:		0000919574-21-000153
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210131
FILED AS OF DATE:		20210108
DATE AS OF CHANGE:		20210108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOP SHIPS INC.
		CENTRAL INDEX KEY:			0001296484
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37889
		FILM NUMBER:		21517591

	BUSINESS ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011-30-210-81-28-107

	MAIL ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOP TANKERS INC.
		DATE OF NAME CHANGE:	20040706
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d8719874_6-k.htm
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_Hlk37253403"></a>UNITED STATES</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C.&#160; 20549</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">FORM 6-K</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16<br>
        OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">For the month of January 2021</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Commission File Number 001-37889</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOP SHIPS INC.</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">(Translation of registrant&#8217;s name into English)</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1 VAS. SOFIAS &amp; MEG.</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ALEXANDROU STREET</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">151 24, MAROUSSI</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ATHENS, GREECE</div>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">(Address of principal executive offices)</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160; ].</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an
        attached annual report to security holders.</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160; ].</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report
        or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the
        rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if
        discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
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      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
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    <div style="margin-bottom: 8pt; font-family: 'Times New Roman',serif;">TOP Ships Inc. (the &#8220;Company&#8221;), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced on January 8th, 2021 that it entered into an agreement
      to sell its 100% ownership interest in three Marshall Islands companies that each own one high specification scrubber-fitted 50,000 dwt eco MR product/chemical tanker, all currently under construction at Hyundai Mipo shipyard in South Korea under
      Hull Numbers 2789, 2790 and 2791 to a company affiliated with the Company&#8217;s Chief Executive Officer (the &#8220;Buyer&#8221;).</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">
      <div style="margin-bottom: 8pt;">As consideration for this transaction, the Company will receive:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">i)</td>
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              <div style="font-family: 'Times New Roman', serif;">$10 million in cash.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">ii)</td>
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              <div style="font-family: 'Times New Roman', serif;">100% ownership in a Marshall Islands company that is a party to a shipbuilding contract for a high specification scrubber fitted Suezmax Tanker currently under construction
                at Hyundai Samho shipyard with expected delivery in February 2022. The shipowning company is party to a 5+1+1 year time charter, starting from the vessel&#8217;s delivery, with a company affiliated with the Company&#8217;s Chief Executive Officer<font style="font-family: Calibri, sans-serif;">.</font></div>
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      <table cellspacing="0" cellpadding="0" id="zc840a94b6e7942d0a9fc524136e85229" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 8pt;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">iii)</td>
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              <div style="font-family: 'Times New Roman', serif;">35% ownership in one Marshall Islands company that is a party to a shipbuilding contract for a high specification scrubber fitted VLCC tanker currently under construction at
                Hyundai Heavy Industries shipyard with expected delivery in January 2022.&#160; The shipowning company is party to a 3+1+1 year time charter, starting from the vessel&#8217;s delivery, with a major oil trader.</div>
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      <table cellspacing="0" cellpadding="0" id="z1a1138fd9e1f4b0c82bc8d13c0e6d159" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 8pt;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">iv)</td>
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              <div style="font-family: 'Times New Roman', serif;">35% ownership in one Marshall Islands company that is a party to a shipbuilding contract for a high specification scrubber fitted VLCC tanker currently under construction at
                Hyundai Heavy Industries shipyard with expected delivery in February 2022.&#160; The shipowning company is party to 3+1+1 year time charter, starting from the vessel&#8217;s delivery, with a major oil trader.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">v)</td>
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              <div style="font-family: 'Times New Roman', serif;">A forgiveness of $1.2m in payables to the Buyer.</div>
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    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">The Buyer will remain the guarantor on the shipbuilding contracts towards the shipyard and in addition the Buyer will provide the Company with an option for a credit line up to 10%
      of the total shipbuilding cost at market terms.</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">The transaction was approved by a special committee composed of independent members of the Company's board of directors, (the &#8220;Transaction Committee&#8221;). The Transaction Committee
      obtained a fairness opinion relating to this transaction from an independent financial advisor.</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">The information contained in this report on Form 6-K is hereby incorporated by reference into the Company&#8217;s registration statement on Form F-3 (File No. 333-234281) that was filed
      with the SEC and became effective on November 4, 2019.</div>
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      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
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      <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
        the undersigned, thereunto duly authorized.</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TOP SHIPS INC.</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">(Registrant)</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">Dated:&#160; January 8, 2021</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">By:&#160;/s/ Evangelos Pistiolis</div>
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              <div style="color: #000000; font-family: 'Times New Roman', serif;">Evangelos Pistiolis</div>
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Chief Executive Officer</div>
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