TOP Ships Inc. Sets Ex-Distribution Date for Spin-Off of Suezmax Tanker Company Rubico

Reuters
05 Jun
<a href="https://laohu8.com/S/TOPS">TOP Ships Inc</a>. Sets Ex-Distribution Date for Spin-Off of Suezmax Tanker Company Rubico

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.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. TOP Ships Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001171843-25-003704), on June 05, 2025, and is solely responsible for the information contained therein.

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