Toro Corp.'s Board of Directors has decided to effect a spin-off of its Handysize tanker business, which includes one Handysize tanker and Xavier Shipping Co., into a new subsidiary named Robin Energy Ltd. This strategic move is designed to allow both Toro and Robin to concentrate on their respective business lines.
As part of the spin-off, Toro shareholders are expected to receive one common share of Robin Energy Ltd. for every eight Toro common shares they hold. Robin Energy Ltd. has applied to have its common shares listed on the Nasdaq Capital Market.
The company believes this transaction will enhance operational efficiencies, facilitate strategic expansion for both entities, and attract new investors. The spin-off remains subject to the registration statement on Form 20-F being declared effective and the approval of Robin's common shares listing on the Nasdaq Capital Market.
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