Top Ships has raised $9.95m after selling 1.58 million shares at $6.30 each.
The pricing reflects a 28% discount from Top's previous closing price of $8.74.
The $9.95m is a gross sum before underwriting discounts, commissions and offering expenses.
Each share will be sold with one warrant to allow the purchaser to buy the unit at $8.19 per share by 31 December.
