Rubico Inc. Announces Letter of Intent for Acquisition of Newbuilding Mega Yacht

Rhea-AI Summary

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.

Positive

• Signed LOI secures exclusive evaluation through Mar 31, 2026
• Advance payment of $4.0M is credited or refundable
• Target vessel: 60m, 1,150 GT mega yacht

Negative

• Advance $4.0M ties up cash until purchase or refund
• No assurance the transaction will be consummated
• Exclusivity ends on Mar 31, 2026, creating timing risk

Key Figures

Advance payment $4.0M Cash advance credited to acquisition price or refundable if not completed

Yacht length 60 meters Size of newbuilding mega yacht M/Y Sanlorenzo 1150Exp

Gross tonnage 1,150 tons Tonnage of the Newbuilding Yacht

Guest cabins 6 cabins Guest accommodation on the Newbuilding Yacht

Guest capacity 12 guests Maximum guest capacity of the Newbuilding Yacht

Crew capacity 15 crew Crew accommodation on the Newbuilding Yacht

Delivery window Q2 2027 Expected delivery of the Newbuilding Yacht

Exclusivity expiry March 31, 2026 End of LOI exclusivity and due diligence period

Market Reality Check

$3.06 Last Close

Volume Volume 1.63M is 46% below 20-day average of 3.02M ahead of this news low

Technical Trading 94% below 200-day MA of $53.54, near the 52-week low

Peers on Argus 1 Up 1 Down

Momentum scanner shows one peer down about 4.7% and one up about 4.5%, indicating mixed, stock-specific moves rather than a unified sector trend.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 28	Reverse stock split	Negative	-26.2%	1-for-30 reverse split to support Nasdaq listing compliance.
Nov 25	Charter extensions	Positive	+54.2%	ECO tanker time charter extensions and $120.8M contracted revenue backlog.
Nov 12	Fleet refinancing	Positive	-13.9%	Sale-and-leaseback financings releasing $10.4M and setting 10-year charters.
Nov 05	Equity offering	Negative	-49.8%	$7.5M underwritten offering with unit structure and one-year warrants.
Aug 04	Nasdaq listing	Positive	+21.8%	Completion of spin-off from Top Ships and start of Nasdaq trading.

Pattern Detected

RUBI has shown large reactions to capital structure and contract news, with most price moves aligning with the apparent sentiment of each announcement.

Recent Company History

Over the last six months, Rubico has focused on capital structure changes and fleet monetization. A Nov 5 underwritten offering of $7.5M and subsequent warrant-related filings highlighted significant potential dilution. A 1-for-30 reverse split effective Dec 2, 2025 aimed at maintaining Nasdaq listing. Operationally, Rubico locked in ECO tanker charters, building a contracted revenue backlog of $120.8M, and completed fleet refinancing that released about $10.4M in cash. Today’s LOI for a mega yacht adds another asset-focused step following these financing and charter actions.

Regulatory & Risk Context

Short Interest

2.52%

0% 15% 30%+

low

Short interest at 2.52% of float with 1 day to cover suggests limited pressure from short covering or short squeezes around new developments.

Market Pulse Summary

This announcement outlines a non-binding LOI for a 60-meter mega yacht with an expected delivery in Q2 2027 and a refundable $4.0M advance. It follows a series of capital structure actions, including a 1-for-30 reverse split and recent equity offerings with significant warrant overhang. Investors may focus on how this potential acquisition fits Rubico’s core tanker business, its recent refinancing and contracted backlog, and whether further dilution or leverage changes emerge from future vessel-related transactions.

Key Terms

letter of intent financial

"announced today it has entered into a letter of intent (the “LOI”)"

A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.

newbuilding mega yacht technical

"for the potential acquisition from Top Ships Inc. of a newbuilding mega yacht"

A newbuilding mega yacht is a large, luxurious boat that is being constructed from scratch, often exceeding 150 feet in length. It is considered a significant investment because these ships are custom-designed, highly exclusive, and symbolize wealth and status. For investors, they can represent opportunities in luxury markets or serve as symbols of economic strength and market confidence.

gross tonnage technical

"has a length of 60 meters and a gross tonnage of 1,150 tons"

Gross tonnage is a measurement of a ship’s overall size, representing the total volume of its enclosed spaces. It is calculated based on the internal capacity, similar to measuring the total rooms inside a building. This figure helps assess the ship’s size and capacity, which can influence its operating costs, safety standards, and the fees it pays for port services.

exclusivity period financial

"The exclusivity period under the LOI will expire on March 31st, 2026."

An exclusivity period is a set amount of time during which only one party has the right to buy, sell, or make a deal with an asset or opportunity. For investors, it matters because it limits competition and gives the holder a guaranteed window to decide or act without interference from others, similar to having a temporary special right or first chance to make a move.

due diligence financial

"the Company will conduct a due diligence process and evaluation of the potential transaction"

Due diligence is the careful investigation and analysis someone conducts before making a decision, such as investing money or entering into an agreement. It’s like researching thoroughly before buying a used car to ensure it’s in good condition; this helps prevent surprises and makes informed choices. For investors, due diligence reduces risk by verifying details and understanding what they’re getting into.

independent committee financial

"A special independent committee composed of independent members of the Company's board"

An independent committee is a group of individuals within a company who are tasked with reviewing important decisions, such as mergers or acquisitions, without influence from the company's management or major shareholders. Their role is to provide impartial judgment, helping ensure that decisions are made fairly and in the best interest of all stakeholders. For investors, this adds a layer of objectivity and transparency to significant corporate actions.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Rubico Inc. (Nasdaq: RUBI) (the “Company” or “Rubico”), a global provider of shipping transportation services specializing in the ownership of vessels, announced today it has entered into a letter of intent (the “LOI”) for the potential acquisition from Top Ships Inc. of a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, with expected delivery in the second quarter of 2027, or the Newbuilding Yacht. The Newbuilding Yacht has a length of 60 meters and a gross tonnage of 1,150 tons with 6 guest cabins and is able to accommodate 12 guests and 15 crew.

The Company will make an advance cash payment of $4.0 million that will be credited against the acquisition price of the Newbuilding Yacht or refunded to the extent the Company does not elect to purchase the Newbuilding Yacht. The exclusivity period under the LOI will expire on March 31^st, 2026. Up to that date the Company will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors, and there can be no assurance that potential transaction will be consummated. A special independent committee composed of independent members of the Company's board of directors will negotiate and approve any potential acquisition pursuant to the LOI.

About the Company

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel efficient, eco 157,000 dwt Suezmax tankers.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “RUBI”.
Please visit the Company’s website at: https://rubicoinc.com/

For further information please contact:
Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: npapastratis@rubicoinc.com

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. 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, including with respect to the acquisition of the Newbuilding Yacht.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

FAQ

What did Rubico (RUBI) announce on December 4, 2025?

Rubico announced an LOI to potentially acquire the M/Y Sanlorenzo 1150Exp with expected delivery in Q2 2027.

How much is Rubico paying upfront for the newbuilding yacht (RUBI)?

Rubico will make an advance cash payment of $4.0 million, which will be credited against the purchase price or refunded if it does not buy the yacht.

When does Rubico’s exclusivity period for the yacht acquisition (RUBI) end?

The exclusivity and due diligence period under the LOI expires on March 31, 2026.

What are the key specifications of the M/Y Sanlorenzo 1150Exp in Rubico's LOI?

The yacht is 60 meters, 1,150 gross tons, with 6 guest cabins, capacity for 12 guests and 15 crew.

Does the LOI guarantee Rubico will complete the yacht acquisition (RUBI)?

No; the LOI begins due diligence and explicitly states there can be no assurance the transaction will be consummated.