Is TOPS diluting shareholders?

Read three numbers together: shares outstanding over time (10.3M as of 2022-12-31), warrants that can convert into new shares (333,500 reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

TOP SHIPS INC. (TOPS)

CIK 1296484 · all EDGAR filings →

Overall dilution risk

LOWworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

LOWno live registration found

= is there a registration (S-1/S-3 family) on file without a later withdrawal

Overhead supply

LOWwarrants = 3% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

LOW+18% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

a reverse-split-sized cliff is in this window; read the chart

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 10.3M shares as of Dec 31, 2022 (20-F). Share count fell from 19.0M to 2.1M between Dec 31, 2014 and Dec 31, 2015, a pattern consistent with a reverse split (roughly 1-for-9); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool

Warrants

Warrants outstanding: 333,500 underlying shares, as reported Jun 30, 2019 (6-K).

Reported exercise price: $6.6 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 10.6M = 10.3M O/S + 333,500 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

The latest 10-Q/10-K instance document could not be checked just now, so nothing is shown rather than guessed. Try again shortly.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	10.3M	Dec 31, 2022
+ Warrants (aggregate, as tagged) (if exercised)	333,500	Jun 30, 2019
Fully diluted estimate	10.6M	+3.2% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 0 executed · 5 registered.

UPDATEJul 27, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

UPDATEJul 23, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

UPDATEJun 29, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

WITHDRAWNMay 15, 2026Registration withdrawnRW →

UPDATEMay 15, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

REGISTEREDMay 13, 2026F-1/A registration — capacity to sell shares, not a sale yetF-1/A →

UPDATEMay 7, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEMay 7, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDApr 27, 2026F-1 registration — capacity to sell shares, not a sale yetF-1 →

REGISTEREDApr 24, 2026F-1 registration — capacity to sell shares, not a sale yetF-1 →

REGISTEREDSep 30, 2025F-3/A registration — capacity to sell shares, not a sale yetF-3/A →

EFFECTIVESep 30, 2025SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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