Castor maritime inc. announces proposed spin-off of its tanker fleet
Limassol, cyprus, nov. 16, 2022 (globe newswire) -- castor maritime inc. (nasdaq: ctrm), (“castor” or the “company”), a diversified global shipping company, announced today that its board of directors, consisting of its independent disinterested members (the "board"), has decided, on the recommendation of a special committee of the board, to effect a spin-off of its tanker fleet comprising one aframax, five aframax/lr2 and two handysize tankers (the “spin-off”). in the spin-off, castor shareholders will receive two common shares of toro corp. (“toro”), a newly formed subsidiary that will act as the holding company for the eight tanker vessels, for every five castor common shares held at the close of business on december 6, 2022 (the “record date”). toro has applied to have its common shares listed on the nasdaq capital market. castor's chairman, chief executive officer and chief financial officer, petros panagiotidis, has been appointed as chairman and chief executive officer of toro with effect as of the completion of the spin-off.
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