TOP Ships Inc. announced on June 5, 2025, that the NYSE American has set an ex-distribution date for its planned spin-off of Rubico, a new Nasdaq-listed Suezmax tanker company. As a result of the spin-off, Rubico, currently a subsidiary of TOP Ships, will become an independent publicly-traded company. The initial assets of Rubico will include the M/T Eco Malibu and M/T Eco West Coast, both modern, scrubber-fitted, fuel-efficient Suezmax tankers. The ex-distribution date for the distribution of Rubico common shares is set for June 16, 2025. Approximately 3,057,337 Rubico common shares are expected to be distributed at a ratio of one Rubico share for every two TOP Ships shares held. Additionally, Rubico plans to raise $1.5 million through a private placement of common shares contingent on the spin-off. The transaction remains subject to regulatory approvals and the effectiveness of the registration statement filed with the SEC.