Toro Corp. Commences Self Tender Offer to Purchase up to 4,500,000 Shares
Toro Corp. (NASDAQ: TORO), a global energy transportation services provider, has announced a self tender offer to purchase up to 4,500,000 shares at $2.75 per share using available cash and cash equivalents. The tender offer will expire on August 7, 2025, unless extended or withdrawn.
The Company's Board of Directors initiated this share repurchase program based on Toro's current cash position and stock price. The tender offer is not contingent on a minimum number of shares being tendered. Toro has appointed Broadridge Corporate Issuer Solutions LLC as the depositary and Georgeson LLC as the information agent for the tender offer.
Currently, Toro operates a fleet of four LPG carriers (with M/T Dream Syrax scheduled for sale) and has an agreement to acquire one MR tanker.
Toro Corp. (NASDAQ: TORO), un fornitore globale di servizi di trasporto energetico, ha annunciato un'offerta pubblica di acquisto volontaria per l'acquisto di fino a 4.500.000 azioni al prezzo di 2,75 $ per azione, utilizzando liquidit脿 disponibile e equivalenti di cassa. L'offerta scadr脿 il 7 agosto 2025, salvo proroghe o ritiro.
Il Consiglio di Amministrazione della Societ脿 ha avviato questo programma di riacquisto azionario basandosi sulla posizione di cassa attuale di Toro e sul prezzo delle azioni. L'offerta non 猫 condizionata a un numero minimo di azioni presentate. Toro ha nominato Broadridge Corporate Issuer Solutions LLC come depositario e Georgeson LLC come agente informativo per l'offerta.
Attualmente, Toro gestisce una flotta di quattro navi per GPL (con la M/T Dream Syrax prevista per la vendita) e ha un accordo per acquisire una petroliera MR.
Toro Corp. (NASDAQ: TORO), un proveedor global de servicios de transporte de energ铆a, ha anunciado una oferta p煤blica de adquisici贸n voluntaria para comprar hasta 4.500.000 acciones a 2,75 $ por acci贸n, utilizando efectivo disponible y equivalentes de efectivo. La oferta vencer谩 el 7 de agosto de 2025, a menos que se extienda o retire.
El Consejo de Administraci贸n de la Compa帽铆a inici贸 este programa de recompra de acciones bas谩ndose en la posici贸n actual de efectivo de Toro y el precio de las acciones. La oferta no est谩 condicionada a un n煤mero m铆nimo de acciones presentadas. Toro ha designado a Broadridge Corporate Issuer Solutions LLC como depositario y a Georgeson LLC como agente de informaci贸n para la oferta.
Actualmente, Toro opera una flota de cuatro transportadores de GLP (con el M/T Dream Syrax programado para la venta) y tiene un acuerdo para adquirir un petrolero MR.
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須岇偓 鞚挫偓須岆姅 Toro鞚� 順勳灛 順勱笀 靸來儨鞕� 欤缄皜毳� 瓿犽牑頃橃棳 鞚措矆 鞛愳偓欤� 毵れ瀰 頂勲攴鸽灗鞚� 鞁滌瀾頄堨姷雼堧嫟. 瓿店皽 毵れ垬電� 斓滌唽 毵れ垬 欤检嫕 靾橃棎 雽�頃� 臁瓣贝鞚� 鞐嗢姷雼堧嫟. Toro電� Broadridge Corporate Issuer Solutions LLC毳� 鞓堩儊旮瓣磤鞙茧, Georgeson LLC毳� 鞝曤炒 雽�毽澑鞙茧 歆�鞝曧枅鞀惦媹雼�.
順勳灛 Toro電� LPG 鞖措皹靹� 4觳欖潉 鞖挫榿 欷戩澊氅�(M/T Dream Syrax電� 毵り皝 鞓堨爼), MR 韮膘护 1觳欖潉 鞚胳垬頃橁赴搿� 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟.
Toro Corp. (NASDAQ : TORO), un fournisseur mondial de services de transport d'茅nergie, a annonc茅 une offre publique d'achat volontaire pour acqu茅rir jusqu'脿 4 500 000 actions au prix de 2,75 $ par action, en utilisant les liquidit茅s disponibles et 茅quivalents de tr茅sorerie. L'offre prendra fin le 7 ao没t 2025, sauf prolongation ou retrait.
Le conseil d'administration de la soci茅t茅 a lanc茅 ce programme de rachat d'actions en se basant sur la position de tr茅sorerie actuelle de Toro et le cours de l'action. L'offre n'est pas conditionn茅e 脿 un nombre minimum d'actions propos茅es. Toro a d茅sign茅 Broadridge Corporate Issuer Solutions LLC comme d茅positaire et Georgeson LLC comme agent d'information pour cette offre.
Actuellement, Toro exploite une flotte de quatre navires GPL (avec le M/T Dream Syrax pr茅vu 脿 la vente) et a conclu un accord pour acqu茅rir un p茅trolier MR.
Toro Corp. (NASDAQ: TORO), ein globaler Anbieter von Energietransportdienstleistungen, hat ein freiwilliges R眉ckkaufangebot f眉r bis zu 4.500.000 Aktien zu je 2,75 $ pro Aktie unter Verwendung verf眉gbarer liquider Mittel angek眉ndigt. Das Angebot l盲uft am 7. August 2025 ab, sofern es nicht verl盲ngert oder zur眉ckgezogen wird.
Der Vorstand des Unternehmens hat dieses Aktienr眉ckkaufprogramm basierend auf der aktuellen Liquidit盲tslage und dem Aktienkurs von Toro initiiert. Das Angebot ist nicht an eine Mindestanzahl von eingereichten Aktien gebunden. Toro hat Broadridge Corporate Issuer Solutions LLC als Depotbank und Georgeson LLC als Informationsbeauftragten f眉r das Angebot benannt.
Derzeit betreibt Toro eine Flotte von vier LPG-Tankern (wobei die M/T Dream Syrax zum Verkauf steht) und hat eine Vereinbarung zum Erwerb eines MR-Tankers getroffen.
- Company demonstrates financial strength with sufficient cash reserves for share buyback
- Tender offer price of $2.75 provides shareholders with immediate liquidity opportunity
- No minimum share requirement increases likelihood of successful tender offer completion
- Share repurchase will reduce company's cash reserves
- Fleet reduction with planned sale of M/T Dream Syrax may impact revenue potential
- Tender offer could reduce stock's public float and trading liquidity
Insights
Toro's $12.4M tender offer for 4.5M shares at $2.75 signals management confidence but represents significant capital deployment for a small shipping company.
Toro Corp has announced a self-tender offer to repurchase up to
The tender price of
What makes this particularly significant is the company's explicit mention that they're using cash and cash equivalents on hand for this repurchase. For a smaller shipping company like Toro, allocating
The tender offer is unconditional regarding the minimum number of shares tendered, giving the company flexibility in execution. The timing - coming shortly after announcing the sale of one vessel (M/T Dream Syrax) on July 10 and an MR tanker acquisition agreement from June 11 - suggests a coordinated capital redeployment strategy as Toro adjusts its fleet composition.
For shareholders, this tender offer presents a liquidity opportunity, particularly beneficial in a company with potentially limited trading volume. However, the true impact on shareholder value will depend on the percentage of outstanding shares this repurchase represents and the subsequent effect on Toro's financial flexibility for future growth initiatives in the energy transportation sector.
LIMASSOL, Cyprus, July 10, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (鈥淭oro鈥�, or the 鈥淐ompany鈥�), a global energy transportation services provider, today announced that it is commencing a tender offer to purchase up to 4,500,000 shares, using funds available from cash and cash equivalents on hand at a price of
Toro has retained Broadridge Corporate Issuer Solutions LLC as the depositary for the tender offer and Georgeson LLC as the information agent.
Copies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery are being mailed to the Company鈥檚 shareholders. Additional copies of the Offer to Purchase, the related Letter of Transmittal or the Notice of Guaranteed Delivery may be obtained at the Company鈥檚 expense from the information agent at (855) 733-5180 (toll free). Questions regarding the tender offer should be directed to the information agent at (855) 733-5180 (toll free). Parties outside the U.S. can reach the information agent at +1 478-207-6120.
Certain Information Regarding the Tender Offer
The information in this press release describing Toro鈥檚 tender offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of Toro鈥檚 common stock in the tender offer. The tender offer is being made only pursuant to the Offer to Purchase and the related materials that Toro is distributing to its shareholders, as they may be amended or supplemented. Shareholders should read such Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the tender offer. Shareholders of Toro may obtain a free copy of the Tender Offer Statement on Schedule TO, the Offer to Purchase and other documents that Toro is filing with the Securities and Exchange Commission from the Securities and Exchange Commission鈥檚 website at www.sec.gov. Shareholders may also obtain a copy of these documents, without charge, from the information agent for the tender offer, toll free at (855) 733-5180. Shareholders are urged to carefully read all of these materials prior to making any decision with respect to the tender offer. Shareholders and investors who have questions or need assistance may call the information agent for the tender offer, toll free at (855) 733-5180. Parties outside the U.S. can reach the information agent at +1 478-207-6120.
About Toro Corp.
Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels. The Company鈥檚 fleet comprises four LPG carriers, including M/T Dream Syrax that the company agreed to sell on July 10, 2025, and one MR tanker acquisition agreement for which was announced on June 11, 2025, that transport petrochemical gases and refined petroleum products worldwide.
Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol 鈥淭ORO鈥�.
For more information, please visit the Company鈥檚 website at . Information on our website does not constitute a part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 鈥淪ecurities Act鈥�) and Section 21E of the Securities Exchange Act of 1934, as amended (the 鈥淓xchange Act鈥�). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words 鈥渂elieve鈥�, 鈥渁nticipate鈥�, 鈥渋ntend鈥�, 鈥渆stimate鈥�, 鈥渇orecast鈥�, 鈥減roject鈥�, 鈥減lan鈥�, 鈥減otential鈥�, 鈥渨ill鈥�, 鈥渕ay鈥�, 鈥渟hould鈥�, 鈥渆xpect鈥�, 鈥減ending鈥� and similar expressions identify forward-looking statements.
Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond our control or precise estimate. Such risks, uncertainties and other factors include, but are not limited to, uncertainties related to the Company鈥檚 and its counterparty鈥檚 ability to consummate the transactions discussed herein, as well as those factors discussed under 鈥淩isk Factors鈥� in our Annual Report on Form 20-F for the year ended December 31, 2024 and our other filings with the SEC, which can be obtained free of charge on the SEC鈥檚 website at http://www.sec.gov. Except to the extent required by applicable law, we disclaim any intention or obligation to update publicly or revise any forward鈥恖ooking statements, whether as a result of new information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Investor Relations
Toro Corp.
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FAQ
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