Toro Corp. and Castor Maritime Inc. agree the Full Redemption of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares

Rhea-AI Summary

Toro Corp. (NASDAQ: TORO) and Castor Maritime agreed on October 13, 2025 to fully redeem 60,000 shares of Castor’s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued in September 2025.

The redemption consideration equals the stated amount of the Series E Preferred Shares plus 0.523%, and includes accrued and unpaid distributions. The redemption and its terms were approved by both companies’ boards following recommendations from special committees of disinterested and independent directors.

Castor is listed on the Nasdaq Capital Market. Toro operates a fleet of two LPG carriers and two MR tanker vessels and trades on Nasdaq under TORO.

Positive

• Full redemption of 60,000 Series E preferred shares
• Redemption price includes stated amount plus 0.523% and accrued distributions
• Redemption approved by both boards and independent special committees

Negative

• Related-party leadership overlap: Castor’s Chairman, CEO and CFO is also Toro’s Chairman and CEO

Insights

Corporate finance analyst

Toro and Castor agreed a board‑approved full redemption of 60,000 Series E preferred shares for stated amount plus 0.523%, settled in cash.

The arrangement retires 60,000 of Castor’s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares. Both boards and special committees of disinterested, independent directors approved the redemption, and Toro disclosed the shared CEO role between the companies.

The main dependency is execution of the cash payment on the agreed terms. Related-party governance was handled through special committees, which reduces procedural risk but does not eliminate oversight attention.

Watch for any disclosure of the exact cash amount paid, confirmation of payment timing around Oct. 13, 2025, and any follow-up filings that show balance sheet or cash impacts for Toro and Castor in the next quarterly reports.

LIMASSOL, Cyprus, Oct. 15, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”), an international energy transportation services company, announces that on October 13, 2025, the Company and Castor Maritime Inc. (“Castor”) agreed to the full redemption of 60,000 shares of Castor’s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by Castor in September 2025 (the “Series E Preferred Shares”), for a cash consideration equal to the stated amount of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions.

Castor is a public company listed on the Nasdaq Capital Market. Castor’s Chairman, Chief Executive Officer and Chief Financial Officer, is also the Company’s Chairman and Chief Executive Officer.

The foregoing full redemption of the Series E Preferred Shares and its terms were approved by the board of directors of Toro and Castor at the recommendation of their respective special committees of disinterested and independent directors who negotiated the redemption.

About Toro Corp.

Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels. The Company’s fleet comprises two LPG carriers, and two MR tanker vessels, transporting 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 www.torocorp.com. Information on our website does not constitute a part of this press release.

CONTACT DETAILS

For further information, please contact:

Investor Relations
Toro Corp.
Email: ir@torocorp.com

FAQ

What did Toro (NASDAQ: TORO) announce on October 13, 2025 about Series E preferred shares?

Toro agreed with Castor to fully redeem 60,000 Series E preferred shares issued in September 2025, effective per the October 13, 2025 agreement.

How much will Toro and Castor pay to redeem the Series E preferred shares?

The redemption consideration equals the stated amount plus 0.523%, and includes accrued and unpaid distributions.

Who approved the full redemption of Castor’s Series E preferred shares with Toro (TORO)?

Both Toro and Castor boards approved the redemption following recommendations from special committees of disinterested and independent directors.

Does the Toro–Castor redemption involve related-party leadership?

Yes; Castor’s Chairman, CEO and CFO is also Toro’s Chairman and CEO, as disclosed in the announcement.

How many vessels does Toro Corp. operate as of the announcement on October 15, 2025?

Toro’s fleet comprises two LPG carriers and two MR tanker vessels transporting petrochemical gases and refined petroleum products worldwide.