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Thursday, March 27, 2025

Equity Corporate Actions Alert #2025 - 156
(UPDATED: SEC effective & X/D established) Spin-Off/Distribution Information for Toro Corp. (TORO)

Category:

  • Industry Announcement

Markets Impacted:

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On March 24, 2025, Toro Corp. (TORO) announced a spin-off of its wholly owned subsidiary Robin Energy Ltd. The EX distribution when-issued market of Toro Corp. Common Stock (TOROV) and the when-issued market for Robin Energy Ltd Common Shares (RBNEV) will begin trading on Nasdaq on April 7, 2025. The details for the spin-off and when-issued markets are as follows:

Parent Company/Issue: Toro Corp. Common Stock
CUSIP: Y8900D108
Symbol: TORO
Record Date: April 7, 2025
Payment Date: April 14, 2025
EX Date: April 15, 2025
Due Bill Redemption Date: April 15, 2025
Ratio of Spin-Off/ Distribution:
 One (1) Robin Energy Ltd Common Share (RBNEV) for every eight (8) shares held.

An EX distribution when issued market will be established for Toro Corp. Trades in the EX distribution when issued market will not carry due-bills for the spin off/distribution. The details for the EX distribution when-issued market are as follows:

Symbol: TOROV
CUSIP: Y8900D140 (revised)
First Trade Date: April 7, 2025
Anticipated Suspension Date: April 15, 2025
Settlement Date: April 16, 2025

A when-issued market will be established for the shares of Robin Energy Ltd (RBNEV) on the Nasdaq Capital Market. The symbol will change to RBNE on April 15, 2025. The details for the when issued market are as follows:

Symbol: RBNEV
CUSIP: Y73118104
First Trade Date: April 7, 2025
Regular Way Trading Begins: April 15, 2025
Settlement Date: April 16, 2025

For information regarding this announcement, contact Nasdaq Corporate Data Operations at +1 877 308 0523.

If you would like to register as a market maker in TOROV or RBNEV contact Nasdaq Trading Services at +1 212 231 5100.

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