Filed Pursuant to Rule 424(b)(3)
Registration No. 333-295328
PROSPECTUS SUPPLEMENT NO. 4
(TO PROSPECTUS DATED MAY 7, 2026)
Up to 50,000,000 Common Shares
TOP SHIPS INC.
This is a supplement (the “Prospectus Supplement”)
to the prospectus, dated May 7, 2026 (as supplemented or amended from time to time, the “Prospectus”) of TOP Ships Inc. (the
“Company”), which forms a part of the Company’s Registration Statement on Form F-1 (Registration No. 333-295328), as
amended from time to time.
This Prospectus Supplement is being filed to update and supplement the information
included in the Prospectus with the information contained in the Company’s Report on Form 6-K, furnished to the U.S. Securities
and Exchange Commission (the “Commission”) on July 27, 2026 (the “Form 6-K”). Accordingly, the Form 6-K is attached
to this Prospectus Supplement.
This Prospectus Supplement should be read in conjunction
with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in
this Prospectus Supplement supersedes the information contained in the Prospectus.
This Prospectus Supplement is not complete without,
and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.
Investing in our securities involves a high degree
of risk. See “Risk Factors” beginning on page 7 of the Prospectus for a discussion of information that should be considered
in connection with an investment in our securities.
Neither the Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.
The date of this prospectus supplement is July 27, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File Number: 001-37889
TOP SHIPS INC.
(Translation of registrant's name into English)
20 Iouliou Kaisara Str
19002, Paiania
Athens-Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
On July 27, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated July 27, 2026
The information contained in this Report, other than the speech of the company's CEO, is hereby incorporated by reference into the Company’s
registration statements on Form F-3 (File Nos. 333-290238, 333-268475 and 333-267545).
SIGNATURES
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.
| | | TOP SHIPS INC. |
| | | (Registrant) |
| | | |
| | | |
| Date: July 27, 2026 | | /s/ Evangelos J. Pistiolis |
| | | Evangelos J. Pistiolis |
| | | Chief Executive Officer |
| | | |
EXHIBIT 99.1
TOP Ships Inc. Announces Management Estimate of
Net Asset Value of $359.2 Million, a 24% Increase from the Previously Reported NAV
ATHENS, Greece, July 27, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the
“Company” or “TOP Ships”) (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient
“ECO” tanker vessels, announced today that after taking into account the June 30, 2026, charter free vessel value estimates
from third party international brokers, debt outstanding and cash, management estimates the Company’s net asset value (“NAV”)
as of June 30, 2026, to be $359.2 million. This reflects a 24% increase from the previous NAV reported on March 10, 2026. This translates
into a NAV of $47.19 per common share (based on the number of common shares currently outstanding) and $12.49 per common share on a fully
diluted basis (assuming the conversion of all outstanding convertible preferred shares and the exercise of all outstanding warrants).
The Company’s CEO said:
“As of the last market close, we are trading at a 94% discount
to our current estimate of our fully-diluted NAV. Our fleet has an average age of approximately 5.2 years, consisting of state-of-the-art
vessels equipped with the latest eco-friendly and fuel-efficient specifications. In addition, our newbuilding pipeline comprises of eight
high-specification 47,499 dwt MR tanker newbuildings, scheduled for delivery from Q2 2028 to Q4 2029. Furthermore, as previously announced,
we intend to sell the megayacht M/Y Para Bellvm and exit the megayacht sector, with the objective of releasing significant capital —
expected to be a multiple of our current market capitalization — for redeployment towards our core tanker business.”
About the Company
TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on
modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For
more information about TOP Ships Inc., visit its website: www.topships.org.
Cautionary Note Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order
to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than
statements of historical facts, including with respect to the Company’s estimated net asset values including estimated net asset
values per share, the potential acquisition of newbuildings, the intended divestment of the Company’s megayacht and the estimated
proceeds and potential equity release that may be realized in connection with a divestment, and the redeployment of capital.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor
legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “may,” “should,” “expect,” “pending,”
and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of
historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies
which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these
expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention
or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org
