Filed Pursuant to Rule 424(b)(3)
Registration No. 333-295328
PROSPECTUS SUPPLEMENT NO. 9
(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 October 1, 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 October 1, 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 October 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 September 30, 2026, the Registrant issued a press release, a copy of which is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
Exhibit 99.1. Press release dated September 30, 2026
The information contained in this Report is hereby incorporated by reference into the Registrant’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.
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TOP SHIPS INC. |
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(Registrant) |
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| Date: October 1, 2026 |
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/s/ Evangelos J. Pistiolis |
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Evangelos J. Pistiolis |
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Chief Executive Officer |
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EXHIBIT 99.1
Top Ships Inc. Announces Closing of the Acquisition
of three High Specification Newbuilding MR Tankers
ATHENS, Greece, Sept. 30, 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 the closing of the previously announced share purchase agreement dated July 28, 2026 (the "SPA") with a related party
(the “Seller”), pursuant to which the Company acquired the shares of three companies (the "SPVs"), each of which is party
to one shipbuilding contract with an established, world-class shipbuilder for the construction of three high-specification, ECO, scrubber-fitted
MR Product Tankers to be delivered in 2029. The SPVs have secured time charter employment for the vessels with an oil major, commencing
upon their respective deliveries, for a firm duration of five years, with the charterer holding an option to extend for one additional
year.
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. The Company’s tanker operating fleet has a total capacity
of 857,000 dwt and consists of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt VLCCs and, through
a joint venture, 50% interests in two 50,000 dwt product tankers. The Company has entered into newbuilding contracts for eleven high-specification
50,000 dwt MR newbuilding tankers scheduled for delivery from the second quarter of 2028 through the fourth quarter of 2029, one of which
it has agreed to sell. In addition, the Company owns the megayacht M/Y Para Bellvm, which it has announced its intention to divest. The
Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. Its common
shares trade on the NYSE American under the symbol “TOPS”. For more information about TOP Ships Inc., visit its website: www.topships.org.
For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org
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 construction, delivery and employment of the Company's newbuilding vessels, the agreed sale of one of the Company's newbuilding
vessels and the divestiture of the M/Y Para Bellvm.
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 the Company’s 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 the Company disclaims any intention or obligation
to update any forward-looking statements as a result of developments occurring after the date of this communication.
