Toro Corp. Issues 5.7M Shares for Special Dividend, Completing Election Process
TORO has more than doubled off its 52-week low of $1.93 on light trading volume (0.3× avg).
Summary
Toro Corp. has completed the payment of its $0.90 per share special dividend, which was previously declared on April 22. Shareholders elected to receive approximately $3.8 million in cash and 5,707,246 new common shares. This significant share issuance represents roughly 20% dilution to existing shareholders, based on the company's current market capitalization and share price.
At the time of this announcement, TORO was trading at $5.20 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $150M. The 52-week trading range was $1.93 to $8.50. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.