TOP Ships receives letter of noncompliance from Nasdaq TOP Ships received written notification from the Nasdaq Global Select Market, dated January 26, indicating that because the market value of the Company's publicly held shares for the previous 30 consecutive business days was below the minimum $5M requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(1)(C). The applicable grace period to regain compliance is 180 days. Compliance would be regained if the company's MVPHS were to close at or above $5M for a minimum of 10 consecutive business days before the expiration of the grace period. This notification has no effect on the listing of the company's common stock at this time. The company intends to monitor the market value of its publicly held shares between now and July 25, the expiration of the 180-day grace period, and is considering its options in order to regain compliance with this Nasdaq requirement.