Core Viewpoint - TOP Ships Inc. is planning a spin-off of its subsidiary Rubico Inc., which will become an independent publicly-traded company listed on the Nasdaq Capital Market [2][6]. Group 1: Spin-off Details - The spin-off will involve the distribution of 100% of Rubico's common shares to TOP Ships' securityholders of record as of June 16, 2025 [2][3]. - Approximately 3,057,337 Rubico common shares are expected to be distributed at a ratio of one Rubico share for every two TOP Ships shares held [4]. - The NYSE has set June 16, 2025, as the ex-distribution date, meaning TOP Ships shares will trade without entitlement to Rubico shares from that date [3][4]. Group 2: Financial Aspects - Rubico plans to raise $1.5 million through a private placement of its common shares at a price of $20.00 per share [5]. - The spin-off transaction is contingent upon the effectiveness of Rubico's registration statement with the SEC and the approval for listing on the Nasdaq [6]. Group 3: Company Overview - TOP Ships Inc. operates modern, fuel-efficient eco tanker vessels, focusing on the transportation of crude oil, petroleum products, and bulk liquid chemicals [7].

Core Viewpoint - TOP Ships Inc. plans to spin off its subsidiary Rubico Inc., which will become an independent publicly-traded company listed on the Nasdaq Capital Market, focusing on two Suezmax tanker vessels [1][2][7] Spin-off Details - The spin-off will involve distributing 100% of Rubico's common shares to TOP Ships' securityholders of record as of June 16, 2025, with the distribution expected around June 30, 2025 [3][4] - Each common shareholder of TOP Ships will receive one Rubico common share for every two TOP Ships common shares held, with no fractional shares distributed [5] - Rubico plans to raise $1.5 million through a private placement of its common shares at a price of $20.00 per share, expected to close concurrently with the spin-off distribution [6] Company Overview - TOP Ships Inc. is an international owner and operator of modern, fuel-efficient eco tanker vessels, primarily transporting crude oil, petroleum products, and bulk liquid chemicals [8]