ATHENS, Greece, June 04, 2025 - TOP Ships Inc. announced its plan to spin off two of its Suezmax tanker vessels into a new entity named Rubico Inc., which will become an independent publicly-traded company listed on the Nasdaq Capital Market. The new company will initially include the M/T Eco Malibu and M/T Eco West Coast, both modern, high-specification tankers. TOP Ships intends to distribute 100% of Rubico's common shares to its securityholders as of June 16, 2025, with the distribution expected around June 30, 2025. Rubico plans to raise $1.5 million in a private placement of its common shares. The spin-off remains subject to regulatory approval and the listing of Rubico's shares on Nasdaq.
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