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 The tender offer will expire on August 7, 2025, unless extended or withdrawn.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 liquidità disponibile e equivalenti di cassa. L'offerta scadrà il 7 agosto 2025, salvo proroghe o ritiro.
Il Consiglio di Amministrazione della Società ha avviato questo programma di riacquisto azionario basandosi sulla posizione di cassa attuale di Toro e sul prezzo delle azioni. L'offerta non è 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 energía, ha anunciado una oferta pública de adquisición voluntaria para comprar hasta 4.500.000 acciones a 2,75 $ por acción, utilizando efectivo disponible y equivalentes de efectivo. La oferta vencerá el 7 de agosto de 2025, a menos que se extienda o retire.
El Consejo de Administración de la Compañía inició este programa de recompra de acciones basándose en la posición actual de efectivo de Toro y el precio de las acciones. La oferta no está condicionada a un número mínimo de acciones presentadas. Toro ha designado a Broadridge Corporate Issuer Solutions LLC como depositario y a Georgeson LLC como agente de información 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.
Toro Corp. (NASDAQ: TORO)� 글로벌 에너지 운송 서비� 제공업체로서, 보유 현금 � 현금� 자산� 활용� 4,500,000�까지 주당 2.75달러� 자사� 공개 매수 제안� 발표했습니다. � 공개 매수� 2025� 8� 7�� 만료되며, 연장되거� 철회되지 않는 � 유효합니�.
회사 이사회는 Toro� 현재 현금 상태와 주가� 고려하여 이번 자사� 매입 프로그램� 시작했습니다. 공개 매수� 최소 매수 주식 수에 대� 조건� 없습니다. Toro� Broadridge Corporate Issuer Solutions LLC� 예탁기관으로, Georgeson LLC� 정보 대리인으로 지정했습니�.
현재 Toro� LPG 운반� 4척을 운영 중이�(M/T Dream Syrax� 매각 예정), MR 탱커 1척을 인수하기� 계약� 체결했습니다.
Toro Corp. (NASDAQ : TORO), un fournisseur mondial de services de transport d'énergie, a annoncé une offre publique d'achat volontaire pour acquérir jusqu'à 4 500 000 actions au prix de 2,75 $ par action, en utilisant les liquidités disponibles et équivalents de trésorerie. L'offre prendra fin le 7 août 2025, sauf prolongation ou retrait.
Le conseil d'administration de la société a lancé ce programme de rachat d'actions en se basant sur la position de trésorerie actuelle de Toro et le cours de l'action. L'offre n'est pas conditionnée à un nombre minimum d'actions proposées. Toro a désigné Broadridge Corporate Issuer Solutions LLC comme dépositaire 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 prévu à la vente) et a conclu un accord pour acquérir un pétrolier MR.
Toro Corp. (NASDAQ: TORO), ein globaler Anbieter von Energietransportdienstleistungen, hat ein freiwilliges Rückkaufangebot für bis zu 4.500.000 Aktien zu je 2,75 $ pro Aktie unter Verwendung verfügbarer liquider Mittel angekündigt. Das Angebot läuft am 7. August 2025 ab, sofern es nicht verlängert oder zurückgezogen wird.
Der Vorstand des Unternehmens hat dieses Aktienrückkaufprogramm basierend auf der aktuellen Liquiditätslage 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 für 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) (“Toro�, or the “Company�), 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’s 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’s 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’s 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’s 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’s 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’s 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 “TORO�.
For more information, please visit the Company’s 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 “Securities Act�) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act�). 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 “believe�, “anticipate�, “intend�, “estimate�, “forecast�, “project�, “plan�, “potential�, “will�, “may�, “should�, “expect�, “pending� 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’s and its counterparty’s ability to consummate the transactions discussed herein, as well as those factors discussed under “Risk Factors� 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’s 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‐looking statements, whether as a result of new information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
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Toro Corp.
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