Filed Pursuant to Rule 424(b)(3)
Registration No. 333-295328
PROSPECTUS SUPPLEMENT NO. 3
(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 Reports on Form 6-K, furnished to the U.S. Securities
and Exchange Commission (the “Commission”) on July 15, 2026, July 16, 2026 and July 22, 2026 (the “Form 6-Ks”).
Accordingly, the Form 6-Ks are 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 23, 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 15, 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 15, 2026
The
information contained in this Report 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 15, 2026 | | /s/
Evangelos J. Pistiolis |
| | | Evangelos
J. Pistiolis |
| | | Chief
Executive Officer |
| | | |
EXHIBIT 99.1
TOP Ships Inc. Announces
Sale of ECO MR Product Tanker Newbuilding for About $6.25 million
ATHENS, Greece, July 15, 2026 (GLOBE
NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels,
announced today that it has entered into an agreement with Rubico Inc to sell 100% of the issued and outstanding shares of one Marshall
Island company (the “SPV”) which is a counterparty to a ship building contract for one very-high specification 47,499 dwt
Medium Range product/chemical oil tanker with Guangzhou Shipyard International Company Limited, scheduled for delivery during 2029.
The aggregate selling price for 100%
of the shares of the SPV is approximately $6.25 million, payable in full at closing. The transaction is expected to close by September
30, 2026, subject to customary closing conditions.
The sale was approved by a special
committee composed of independent and disinterested members of the Company’s board of directors, which obtained a fairness opinion
with respect to the consideration paid to acquire the SPV from an independent financial advisor.
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 statements regarding the sale of newbuilding tankers.
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
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 16, 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 16, 2026
The information contained in this Report 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 16, 2026 |
|
/s/ Evangelos J.
Pistiolis |
| |
|
Evangelos J. Pistiolis |
| |
|
Chief Executive Officer |
| |
|
|
EXHIBIT 99.1
TOP Ships Inc. Cancels
Dubai Real Estate Deal
ATHENS, Greece, July 16, 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 it has elected not to exercise its option to
acquire the portfolio of residential real estate assets in Dubai contemplated by the letter of intent announced on November 28, 2025.
The advance cash payment of $23.5 million
will be refunded to the Company in accordance with the terms of the letter of intent, and the Company will have no further obligations
with respect to this potential transaction. The Company intends to deploy the capital released towards its tanker business.
The decision was made by the special
committee of independent members of the Company’s board of directors, taking into account the continued instability in the Gulf
region as well as the Company’s appetite for further growth of its tanker fleet.
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 statements regarding the potential deployment 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
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 22, 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 22, 2026
The information contained in this Report 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 22, 2026 |
|
/s/ Evangelos J.
Pistiolis |
| |
|
Evangelos J. Pistiolis |
| |
|
Chief Executive Officer |
| |
|
|
EXHIBIT 99.1
TOP Ships Inc. Announces
Decision to Sell M/Y Para Bellvm and Exit the Megayacht Sector
ATHENS, Greece, July 22, 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 it has decided to sell the M/Y Para Bellvm
and exit the Megayacht sector. The M/Y Para Bellvm is a 47-meter yacht built in 2023 at the Sanlorenzo shipyard, with capacity for 12
guests and a crew of 10.
The Company intends to pursue the sale
of the M/Y Para Bellvm with the objective of releasing significant capital, expected to be a multiple of the Company’s current
market capitalization, for redeployment towards its core tanker business.
There can be no assurance that a sale
will be completed, or as to its timing, structure, terms or the proceeds ultimately realized. Any transaction would be subject to the
negotiation and execution of definitive agreements, the consent of relevant counterparties and financiers, and customary conditions.
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 statements regarding the intended divestment of the Company’s
megayacht, 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
