13D Filing: Sovereign Holdings Inc. and Top Ships Inc. (NASDAQ:TOPS)

Page 6 of 14

Page 6 of 14 – SEC Filing

CUSIP No.
Y8897Y156
1.
NAME OF REPORTING PERSONS
Race Navigation Inc.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
[X]
(b)
[_]
3.
SEC USE ONLY
4.
SOURCE OF FUNDS
OO
5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
[_]
6.
CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of the Marshall Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7.
SOLE VOTING POWER
0
8.
SHARED VOTING POWER
4,350,000(1)
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
4,350,000(1)
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,350,000
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 [_]
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.4% (2)
14.
TYPE OF REPORTING PERSON
CO
(1) Represents 250,000 Common Shares currently held by Race Navigation Inc. and  4,100,000 Common Shares issuable upon exercise of warrants currently held by Race Navigation Inc. See Item 3 below.
(2) See Item 5(a).

Follow Top Ships Inc. (NASDAQ:TOPS)

Page 6 of 14