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Rubico (Nasdaq: RUBI) entered into a purchase agreement to acquire from Top Ships a vessel-owning company that holds a shipbuilding contract for the newbuilding mega yacht M/Y Sanlorenzo 1150Exp for a purchase price of $38.0 million. Closing of the Owner’s share purchase under the SPA is expected no later than March 31, 2026. Delivery from the shipyard is expected in the second quarter of 2027. An earlier advance payment of $4.0 million made under a prior letter of intent was credited against the purchase price. A special independent committee of the board negotiated and approved the acquisition after obtaining a fairness opinion from an independent financial advisor.
Rubico (Nasdaq: RUBI) entered a letter of intent to potentially acquire a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, from Top Ships with expected delivery in Q2 2027. The yacht is 60 meters, 1,150 GT, with 6 guest cabins, capacity for 12 guests and 15 crew. Rubico will pay an advance cash deposit of $4.0 million that will be credited against the purchase price or refunded if Rubico does not proceed. An exclusivity and due diligence period runs through March 31, 2026, and a special independent committee of the board will negotiate and approve any acquisition. The LOI does not guarantee consummation and Rubico cited market conditions and other factors as part of its evaluation.
Rubico (Nasdaq: RUBI) announced a 1-for-30 reverse stock split of its common shares, effective at the opening of trading on December 2, 2025. Every 30 issued and outstanding shares will convert into 1 share; par value per share and authorized share count remain unchanged.
As of November 20, 2025, outstanding shares of 61,444,087 will be reduced to approximately 2,048,136, adjusted for cancellation of fractional shares. No fractional shares will be issued; fractional entitlements will be paid in cash based on the Nasdaq closing price on December 1, 2025. The company said the split aims to increase its market price and help maintain Nasdaq continued listing compliance.
Rubico (NASDAQ: RUBI) announced time charter extensions for both of its ECO tanker vessels, locking in a gross daily hire of $32,850 until 11 January 2027. After that date, the charters continue for 4 years at a gross daily hire of $29,990. The charterer retains two consecutive one-year extension options at $34,750 and $36,750 respectively. Following these agreements, Rubico reports a contracted revenue backlog of $120.8 million, reflecting committed revenue under the revised charter schedule.
Rubico (NASDAQ:RUBI) announced on Nov 12, 2025 that it closed sale-and-leaseback financings for its two 157,000 dwt Suezmax tankers, M/T Eco West Coast and M/T Eco Malibu, with a major Chinese financier.
Key terms: gross cash released of about $10.4 million after repayments and fees; two SLBs of $42.0 million each; 10-year bareboat charters with 120 monthly installments of $0.18M (Eco West Coast) and $0.19M (Eco Malibu); purchase obligations of $20.0M and $19.0M at charter expiry; interest at 3-month SOFR plus margins of 1.95% and 2.10%.
The company noted fleet leverage post-refinancing near 50%. Rubico and parent Top Ships provided guarantees; the agreements include customary covenants, cross-default provisions, and minimum liquidity requirements of $0.40M and $0.50M.
Rubico (Nasdaq: RUBI) priced an underwritten public offering of 12,315,270 units at $0.609 per unit. Each unit includes one common share and one Class A warrant exercisable for one common share; warrants expire one year from issuance and are immediately exercisable at $0.609 with scheduled adjustments on the fourth and eighth trading days to 70% and 50% of the initial exercise price, respectively. The company expects gross proceeds of approximately $7.5 million before fees and anticipates closing on or about November 6, 2025, subject to customary conditions. Prior to closing the company expects 5,297,366 common shares outstanding. Maxim Group LLC is sole book-running manager and underwriters have a 45-day option to purchase up to an additional 1,847,290 shares and/or warrants.
Rubico (NASDAQ:RUBI) has successfully completed its spin-off from Tops Ships Inc. as of August 1, 2025. The company's shares began trading on the Nasdaq Capital Market on August 4, 2025, under the ticker symbol "RUBI".
Investors can access detailed information about Rubico and the spin-off transaction through the company's Form 20-F registration statement, available on the SEC website and Rubico's investor relations page.
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