Castor Maritime proposes Nasdaq-listed spin-off to manage tankers

"The transaction is expected to enable each of Castor and Toro to increase its focus on its respective line of businesses, enhance operational efficiencies, facilitate efficient strategic expansion, attract new investors, and, with this dividend distribution of Toro common shares, give Castor shareholders the flexibility to monetize or adjust their equity holdings according to the shipping sectors in which they want to invest," the company said in a statement. 

Toro has applied to have its common shares listed on the Nasdaq Capital Market, while Castor’s Chairman, CEO and CFO, Petros Panagiotidis, has been appointed as Chairman and CEO of Toro with effect as of the completion of the spin-off.
Castor added that shareholders do not need to take any action to receive Toro shares to which they are entitled, and do not need to pay any consideration or surrender or exchange Castor common shares.
The spin-off is subject to regulatory approvals, as is the listing on the Nasdaq.
Toro has filed a registration statement pursuant to the Securities Exchange Act with the US Securities and Exchange Commission.

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