Family Trading Inc., 3 Sororibus Trust, and Evangelos J. Pistiolis filed Amendment No. 45 to their Schedule 13D with the SEC on October 29, 2026, disclosing a decrease in beneficial ownership of Top Ships Inc. common stock following the company's issuance of 992,064 shares on October 28, 2026.

Key Highlights

  • Triggering event: Top Ships Inc. issued 992,064 common shares on October 28, 2026, as commitment shares under a securities purchase agreement dated October 27, 2026, with an institutional investor.
  • Family Trading / 3 Sororibus Trust ownership: Each entity beneficially owns 2,930,718 common shares, representing approximately 21.95% of outstanding shares.
  • Pistiolis personal ownership: Evangelos J. Pistiolis holds 440,711 common shares in his own name, representing approximately 3.30% of outstanding shares.
  • Shares outstanding: As of October 29, 2026, there were 13,352,783 common shares issued and outstanding, according to information received from the issuer.
  • Ownership structure: 3 Sororibus Trust, an irrevocable Cyprus trust for the benefit of certain family members of Pistiolis, is the sole shareholder of Family Trading Inc., a Marshall Islands corporation.
  • Voting and disposition: All 2,930,718 shares held through Family Trading are subject to shared voting and shared dispositive power, with approval of the Trust's trustee required for any action.

Ownership Decrease at Top Ships Driven by New Share Issuance in October 2026

According to the filing, Amendment No. 45 amends and supplements a Schedule 13D/A previously filed on September 24, 2026. The amendment was necessitated not by any sale of shares by the reporting persons, but by dilution: Top Ships Inc. issued 992,064 common shares on October 28, 2026, as commitment shares pursuant to a securities purchase agreement entered into the prior day with an institutional investor. As a result, the reporting persons' percentage ownership declined relative to the enlarged share count.

The filing identifies three reporting persons. Family Trading Inc., incorporated in the Marshall Islands, holds 2,930,718 common shares entirely through shared voting and shared dispositive power, with no sole power over any shares. Its sole shareholder is 3 Sororibus Trust, an irrevocable trust established under the laws of Cyprus, whose trustee is identified as Alexandros Economou. The trust is described as having been established for the benefit of certain family members of Evangelos J. Pistiolis, who serves as President, Chief Executive Officer, and Director of Top Ships Inc. Both Family Trading and the Trust report the same 2,930,718-share position, representing approximately 21.95% of the 13,352,783 shares reported as outstanding as of October 29, 2026.

Separately, Evangelos J. Pistiolis personally holds 440,711 common shares, representing approximately 3.30% of outstanding shares, all through sole voting and sole dispositive power. The filing states that to the best of the reporting persons' knowledge, none of the persons listed in Item 2 have been convicted in a criminal proceeding or been party to a relevant civil proceeding involving federal or state securities laws during the last five years.

What Was Disclosed

This Schedule 13D amendment reports a passive decrease in the reporting persons' beneficial ownership percentage in Top Ships Inc. common stock, caused by the company's own issuance of 992,064 commitment shares on October 28, 2026, under a new securities purchase agreement.