TOP Ships Inc (TOPS) News

TOP Ships Inc. Announces Ex-Distribution Date for Planned Spin-Off of Rubico, a New Nasdaq-Listed Suezmax Tanker Company
June 05 2025 - 8:38AM



TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American:TOPS), an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced today that the NYSE American (the “NYSE”) has established an ex-distribution date for the previously-announced proposed spin-off of two of its Suezmax tanker vessels.

Rubico Inc. (“Rubico”), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025.

The NYSE has established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares will trade without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off.

TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares or warrants.

TOP Ships expects that approximately 3,057,337 Rubico common shares will be distributed in the Spin-Off at an assumed distribution ratio of one Rubico common share for every two TOP Ships common shares held by TOP Ships common shareholders (and warrantholders on an as-exercised basis) at the close of business on June 16, 2025. However, such distribution ratio will depend on the number of TOP Ships common shares outstanding, as well as the number of common shares into which outstanding TOP Ships common stock purchase warrants are exercisable, on June 16, 2025, the record date for the spin-off distribution.

Concurrently and conditioned on the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share.

Rubico has filed a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico’s common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico is available at www.sec.gov. The information in the filed registration statement on Form 20-F is not final and remains subject to change.

About TOP Ships Inc.

TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: www.topships.org.

I'm not complaining

Long overdue, IMHO.

WTH

TOP Ships Inc. Announces Intention to Spin Off a New Nasdaq-Listed Suezmax Tanker Company



ATHENS, Greece, June 04, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced today that it intends to effect a spin-off of two of its Suezmax tanker vessels.

Rubico Inc. (“Rubico”), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker.

As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico to its securityholders of record as of June 16, 2025. The distribution of common shares of Rubico is expected to be made on or around June 30, 2025. Following the spin-off, there are expected to be no overlapping board members or executive officers between Rubico and TOP Ships.

In the spin-off distribution, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to the common shareholders of TOP Ships and to all holders of outstanding common stock purchase warrants of TOP Ships on an as-exercised basis.

TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares. TOP Ships common shareholders (and warrantholders on an as-exercised basis) will receive one Rubico common share for every two TOP Ships common shares held at the close of business on June 16, 2025, the record date for the distribution. Fractional common shares of Rubico will not be distributed. Instead, the distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing rates promptly after Rubico’s common shares commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional common shares in the distribution.

In connection with the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share. The private placement will be conditioned on and is expected to close concurrently with the spin-off distribution.

Rubico will file a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico’s common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico will be available at www.sec.gov.

About TOP Ships Inc.

TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: www.topships.org.

Hopefully this company is done with the reverse/splits. They haven't helped their situation one bit.

Yes, quite old.

Note: old interview (3 yrs)

Interview with The Shipping Man Author Matthew McCleery

Microcaps behave that way. They'll have a spurt of liquidity and then dry up over time. Not a bad time to buy in imo.

Do you know much about what is going on over the summer and fall for the volume to dry up?

Not much. Average 11,000 shares.

Does this not trade anymore?

Looks like this took a dive.

Perhaps so... it's still holding at that level. Time will tell.

Did old resistance become new support in the $9 range?

$TOPS Ships Halted Pending News— FSMN (@faststocknewss) July 25, 2024

$TOPS recent ATM
Daily Dilution Update 05/24

Offering$LILM $90m Offering & PIPE @ $1.05 w/ 100% wrt cov$CATX $80m @ $1.51$GNLX $27.5m @ $4 w/ 100% wrt cov

ATM$GME completed$APLM $19m$PLL $50m$QBTS $100m$KINS $16.4m$TOPS $5.8m

Warrants$NCPL 14.3m exercised @ reduced $0.155, 28m more…— Dilution Tracker (@DilutionTracker) May 24, 2024

Well, when you put it that way...

If you put 700 trillion into tops in 2004 you would have one share now.

I guess that's a no. I'm curious how being on NYSE will affect things.

This starts trading on NYSE tomorrow? Any speculations?

Pull the trigger pistolis. Changing tides

Lofty prediction. We'll see.

Pistolis when is buyout date? With armistice shares and yours can’t be that many left but buys them all up

Good sign more share movement

Pistolis take it
Home 100 to 150$ but up all the weak

Pistolis buy this out Monday when markets closed

Armistice and pistolis not selling only can go up without sells

Well we know who owns 80 percent of the stock

Nobody care about the news looks like they are still buying and cleaning up shares so they can buy the company and take private

Filled the gap from 02/14/23. Where to now?

Please these shares are being sold at 15$ pistolis pick them up

I know pistolis can’t sell any he has bought how many are left?

Well pistolis will know when he has enough of the float he can just count what he has bought and pay for the rest of us

Zim and maersk going up today. All shippers will be charging more. Tops profit going up

Tops buys all the shares back by sellers at 17 million for 1 million shares when they are making 80 million a year. I think the pe is a little low.

Maybe I’ll be the last man standing. Keep picking them off pistolis

Next stop 25$

Dried up shares at this point will roll fast or we are bought out by end of the year

Premium time

Cheap cheap for pistolis should be paying 150$ for your shares.

Well if I was him I would buy the rest of the 1 million shares left if people want to sell them for 18$. What’s 18 million spent when you’re making 80 million a year. Company goes private for cheap I would be salivating well played. Mine you will need to pay more for.

Buy the rest at 17$ pistolis make a steal

Not sure what else pistolis has to do but after they buy 600000 shares and there’s 1 million left if the price is still low I know what he’s going to do. Buy more so he doesn’t have to pay the 100$ a share he should be paying but if there’s only 1/2 million of shares left will be better for all that is left

Looks like they are going to buy another 200000 shares before they have to buy out the rest of the public at a premium

Close to pop time

$TOPS ~ TOP Ships Inc
@17.2499
+ 1.3299 (+8.35%)
Volume: 91,383
Day Range: 15.47 - 17.29
Last Trade Time: 12:18:11 PM EST


$$$TOPS$$$

You're welcome, bud.

Thank you S-BEES.. 🔥🔥