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LIMASSOL, Cyprus - Toro Corp. (NASDAQ:TORO) announced Monday the completion of its tender offer that expired on August 7, with the company accepting 20,344 common shares at a price of $2.75 per share.
The total cost of the share repurchase amounts to approximately $55,946, excluding fees related to the offer, according to a company press release. Toro stated it would promptly pay for all accepted shares.
The energy transportation services provider said all properly tendered shares that were not withdrawn prior to the offer’s expiration will be purchased.
Toro Corp. operates a fleet of vessels that transport petrochemical gases and refined petroleum products worldwide. Following a previously announced transaction to sell one of its LPG carriers, the company’s fleet will consist of three LPG carriers and one MR tanker vessel.
The tender offer was conducted pursuant to an Offer to Purchase and related Letter of Transmittal filed with the SEC. Shareholders with questions about the tender offer can contact the information agent, Georgeson LLC.
Toro Corp. is incorporated under the laws of the Republic of the Marshall Islands, with its common shares trading on the Nasdaq Capital Market.
In other recent news, Toro Corp. announced a significant development in its financial strategy by launching a tender offer to repurchase up to 4.5 million shares at $2.75 per share. This buyback initiative is set to expire on August 7, 2025, unless extended or withdrawn. In a notable transaction, Toro Corp. has agreed to sell its LPG carrier vessel, Dream Syrax, to a subsidiary of Robin Energy Ltd. for $18 million, a deal approved by independent board members due to its related-party nature. Additionally, Toro Corp. plans to expand its fleet by acquiring a 2021-built MR tanker vessel for $36.25 million, with the transaction expected to close in the second or third quarter of 2025.
In leadership news, Theologos Pagiaslis has been appointed as Toro Corp.’s new Chief Financial Officer, succeeding Ioannis Lazaridis. Pagiaslis brings over 15 years of experience in the financial sector, which is anticipated to support the company’s financial management and growth. Furthermore, Toro Corp. has successfully repaid its senior term loan to Castor Maritime Inc. ahead of schedule, showcasing its strong financial position. These developments reflect Toro Corp.’s strategic moves to optimize its financial and operational capabilities.
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