Toro Corp. to Spin Off LPG Carrier Business as AI OKTO, Listing on Nasdaq
TORO has more than doubled off its 52-week low of $2.641.
Summary
Toro Corp. announced a proposed spin-off of its LPG carrier business into a new publicly traded company, AI OKTO Corp., which will list on the Nasdaq Capital Market. AI OKTO will receive two LPG carriers and $45 million in cash from Toro. Toro shareholders will receive AI OKTO shares without any action or payment, with fractional shares sold and proceeds distributed. The spin-off is subject to SEC registration effectiveness and Nasdaq listing approval. The transaction follows Toro's annual meeting scheduled for September 11, 2026, where CEO Petros Panagiotidis is up for re-election; he will also lead AI OKTO.
At the time of this announcement, TORO was trading at $6.80 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $221.9M. The 52-week trading range was $2.64 to $8.50. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.