SEC FORM 3

SEC FORM 3SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Pistiolis Evangelos

(Last)

(First)

(Middle)

20 IOULIOU KAISARA STR.

(Street)

PAIANIA

19002

(City)

(State)

(Zip)

GREECE

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/01/2026

3. Issuer Name and Ticker or Trading Symbol
TOP SHIPS INC. [ TOPS ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.01 per share	440,711	D
Common Stock, par value $0.01 per share	2,930,718	I	By 3 Sororibus Trust⁽¹⁾
Series D Preferred Shares	100,000	I	By Lax Trust⁽²⁾
Series G Preferred Shares	14,000	I	By Central Mare Inc.⁽³⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

1. These Common Stock shares are held by Family Trading Inc. 3 Sororibus Trust is the sole shareholder of Family Trading Inc. and may be deemed to beneficially own all of the Common Stock shares beneficially owned by Family Trading Inc. 3 Sororibus Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of these shares of Common Stock in this report shall not be deemed an admission of the beneficial ownership of such shares of Common Stock for purposes of Section 16 or for any other purpose.

2. These Series D Preferred Shares are held by the Lax Trust. The Lax Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series D Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series D Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series D Preferred Shares for purposes of Section 16 or for any other purpose.

3. These Series G Preferred Shares are held by Central Mare Inc. Central Mare Inc. is a company affiliated with the family of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series G Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series G Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series G Preferred Shares for purposes of Section 16 or for any other purpose.

	/s/ Evangelos J. Pistiolis	04/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

SEC Form 3 filed by new insider Pistiolis Evangelos