What is TOPS's dilution risk score?

TOPS currently has a DilutionScore of 48/100, indicating medium dilution risk. DilutionWatch monitors TOPS SEC filings in real-time, scanning EDGAR every 60 seconds for shelf registrations, ATM offerings, warrant exercises, PIPE deals, and reverse split signals.

What SEC filings does DilutionWatch track for TOPS?

DilutionWatch tracks 25 SEC filing types for TOPS including S-3 shelf registrations, 424B prospectuses (ATM offerings), S-1 registration statements, 8-K material events, warrant exercise notices, convertible note agreements, and Form 4 insider transactions. Alerts are delivered via email within minutes of a filing appearing on EDGAR.

How does stock dilution affect TOPS shareholders?

Stock dilution occurs when a company issues new shares, reducing the ownership percentage of existing shareholders. For TOPS, common dilution events include at-the-market (ATM) stock offerings, shelf registration drawdowns, warrant exercises, and convertible note conversions. Each event increases the share count and can pressure the stock price lower.

Is DilutionWatch free for TOPS tracking?

DilutionWatch provides a free tier that shows DilutionScores and basic filing history for TOPS. Premium plans ($19.95/month Basic, $39.95/month Premium) unlock real-time email alerts, the full Pulse™ feed, advanced dilution forecasts, and access to all 10,000+ tracked tickers.

TOPS Dilution Risk Score: 48/100 (MEDIUM)

📊 Score Breakdown

📋 Offering Ability

40

💰 Cash Runway

0

📊 Float Risk

100

⚠️ Warrant Exposure

15

🔄Convertible Debt—

🌦️ Dilution Forecast

⛈️

Warning

High probability of dilution event

34%

🔁 Convertible Conversion 60%

• Major convertible overhang: 40% potential dilution

• Convertible risk score very high (85/100)

🔄 Reverse Split 15%

• 52-week low $0.88 has breached $1

🔔 Track TOPS — Get forecast alerts →

💹 Market Data

Market Cap$4.96M

Shares Outstanding10.29M

Float1.79M

Cash$20.37M

Debt$54.39M

Short InterestN/A

🏛 Institutional Holdings

QoQ: ↑ 78.7% shares (2026Q1 vs prior)

13 institutional holders · 125.9K shares

#1 HRT FINANCIAL LP 35.4K shares

#2 MORGAN STANLEY 31.2K shares

#3 DIMENSIONAL FUND ADVISORS LP 19.7K shares

+ 10 more holders Sign up free to view →

📉 Short Interest

Short Interest300.2K

Days to Cover1.2

% of Float16.8%

FINRA data as of Jun 30, 2026

👤 Insider Buy/Sell Ratio

📁 Recent SEC Activity

xbrl XBRL WARRANT Dec 31, 2025

xbrl XBRL CONVERTIBLE Dec 31, 2023

Full SEC filing analysis available with free account →

📰 Recent News

No recent news

📋 What This Means for TOPS Shareholders

Top Ships Inc. (TOPS) has a DilutionScore of 48/100, rated Medium dilution risk. This tier indicates some dilution exposure — often an older shelf registration with remaining capacity, warrants not yet exercised, or a cash position that will require monitoring over the next several quarters. Score as of July 14, 2026.

DilutionWatch tracks 125,896 outstanding warrants for TOPS. Warrants become dilutive when exercised — converting to common shares at the strike price. Warrants near or in-the-money deserve particular attention since exercise can add materially to the outstanding share count within a short window.

DilutionWatch tracks over 25 SEC filing types for TOPS in real-time, scanning EDGAR every 60 seconds. The DilutionWatch screener shows real-time score changes for TOPS alongside comparable medium-risk stocks. Not financial advice — this analysis is for informational purposes only.

Warrants Explained →