Toro Corp. Announces Proposed Spin-Off of its Handysize Tanker Business

Core Viewpoint - Toro Corp. has announced a spin-off of its Handysize tanker business, creating a new subsidiary named Robin Energy Ltd., which will hold one Handysize tanker and Xavier Shipping Co. [1][2] Group 1: Spin-Off Details - The spin-off will allow Toro shareholders to receive one common share of Robin for every eight common shares of Toro they own [1][2] - Robin has applied for its shares to be listed on the Nasdaq Capital Market, with Toro's CEO, Petros Panagiotidis, appointed as Robin's Chairman and CEO [1][2] Group 2: Strategic Benefits - The spin-off is expected to enhance operational efficiencies and allow both Toro and Robin to focus on their respective business lines [2] - The transaction aims to attract new investors and provide shareholders with flexibility in managing their equity holdings in the shipping sectors [2] Group 3: Shareholder Actions - Toro shareholders will not need to take any action to receive their Robin shares, and no payment or exchange of Toro shares is required [3] - Fractional shares of Robin will not be distributed; instead, they will be aggregated and sold in the market, with net proceeds distributed to shareholders [3] Group 4: Regulatory and Filing Information - Robin has filed a registration statement on Form 20-F with the SEC, detailing the terms of the spin-off [4] - The completion of the spin-off is subject to the effectiveness of the registration statement and the approval of Robin's share listing on Nasdaq [4] Group 5: Company Overview - Toro Corp. is an international energy transportation services company with a fleet that includes five vessels, comprising one Handysize tanker and four LPG carriers [5] - The company operates under the laws of the Republic of the Marshall Islands and trades on the Nasdaq Capital Market under the symbol "TORO" [6]