Top Ships Inc. (NYSE: TOPS) witnessed a substantial surge in its share price today, climbing 33.94% to $7.42 following the announcement of a major corporate restructuring. TOPS announced plans to spin off two of its Suezmax tankers into Rubico Inc., a new company that would go public on the Nasdaq Capital Market.
Rubico to Debut with Modern Suezmax Tankers
Rubico Inc., currently a subsidiary of Top Ships, will become a stand-alone public company post spin-off. The initial assets of Rubico will include two high-specification, environmentally advanced Suezmax tankers — the M/T Eco Malibu and M/T Eco West Coast. Each vessel boasts a 157,000 dwt capacity, is scrubber-equipped, and designed for fuel efficiency, positioning Rubico as a notable entrant in the tanker market.
Share Distribution and Key Dates Announced
Top Ships will provide its current securityholders all of Rubico’s common shares as part of the spin-off procedure. For every two TOPS shares owned, shareholders of record as of June 16, 2025, will get one Rubico share. It is projected that the distribution will occur on or around June 30, 2025. Holders of outstanding Top Ships warrants will also be eligible for the allocation, which will be determined on an as-executed basis.
Fractional shares will not be issued. Instead, the distribution agent will pool such shares, sell the resulting whole shares on the open market, and distribute the net cash proceeds proportionally to affected investors.
Private Placement to Support New Entity
Rubico intends to raise $1.5 million through a private placement in conjunction with the spin-off, selling its common shares for $20 apiece. The offering is contingent upon the completion of the spin-off and is expected to close simultaneously with the share distribution.
Following the transaction, there will be no shared executives or board members between Top Ships and Rubico, marking a clear structural and operational separation between the two companies.
