Toro Corp. and Castor Maritime Inc. agree the Full Redemption of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares
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.
Toro Corp. (NASDAQ: TORO) e Castor Maritime hanno concordato il 13 ottobre 2025 di rimborsare integralmente 60.000 azioni delle Azioni Preferite Convertibili Perpetue di Serie E al 8,75% emesse a settembre 2025.
Il corrispettivo di rimborso è pari all'importo nominale delle azioni di Serie E più 0,523%, e comprende le distribuzioni maturate e non pagate. Il rimborso e i suoi termini sono stati approvati dai consigli di amministrazione di entrambe le società su raccomandazione di appositi comitati di direttori indipendenti e non interessati.
Castor è quotata sul Nasdaq Capital Market. Toro gestisce una flotta di due navi portacontainer per GPL e due petroliere MR e è negoziata sul Nasdaq con il simbolo TORO.
Toro Corp. (NASDAQ: TORO) y Castor Maritime acordaron el 13 de octubre de 2025 rescatar en su totalidad 60.000 acciones de la Serie E de Acciones Preferentes Convertibles Perpetuas Cumulativas al 8,75% emitidas en septiembre de 2025.
La contraprestación de redención equivale al monto nominal de las Acciones Serie E más 0.523%, y incluye distribuciones devengadas y no pagadas. La redención y sus términos fueron aprobados por los consejos de administración de ambas compañías a propuesta de comités especiales de directores independientes y no interesados.
Castor cotiza en Nasdaq Capital Market. Toro opera una flota de dos buques portacontenedores de GLP y dos petroleros clase MR y cotiza en Nasdaq bajo el símbolo TORO.
Toro Corp. (NASDAQ: TORO)와 Castor Maritime는 2025년 10월 13일에 Castor의 2025년 9월 발행된 8.75% 시리즈 E 누적 무기한 전환 우선주의 전액 상환에 합의했습니다.
상환 대가는 시리즈 E 우선주의 명목 금액에 0.523%를 더한 금액이며, 누적 및 미지급 분배금도 포함됩니다. 상환 및 그 조건은 이해관계 없는 독립 이사들로 구성된 특별 위원회의 권고를 따른 양사 이사회에서 승인되었습니다.
Castor는 Nasdaq Capital Market에 상장되어 있습니다. Toro는 LPG 운반선 두 척과 MR급 탱커 두 척의 함대를 운영하며 TORO라는 심볼로 Nasdaq에 거래됩니다.
Toro Corp. (NASDAQ: TORO) et Castor Maritime se sont mis d'accord le 13 octobre 2025 pour racheter intégralement 60 000 actions dénommées Actions préférées convertibles perpétuelles cumulatives de série E à 8,75% émises en septembre 2025.
La contrepartie de rachat équivaut au montant nominal des Actions Série E plus 0,523%, et comprend les distributions courues et impayées. Le rachat et ses modalités ont été approuvés par les conseils d'administration des deux entreprises sur recommandation de comités spéciaux de directeurs indépendants et non interessés.
Castor est cotée sur le Nasdaq Capital Market. Toro exploite une flotte de deux navires porte-conteneurs à GPL et de deux pétroliers de classe MR et est cotée sur le Nasdaq sous le symbole TORO.
Toro Corp. (NASDAQ: TORO) und Castor Maritime haben am 13. Oktober 2025 vereinbart, 60.000 Aktien der 8,75%-Serie-E kumulative unbefristete wandelbare Vorzugsaktien ausgegeben im September 2025 vollständig zurückzuzahlen.
Die Rückzahlung wird dem nominalen Betrag der Serie-E-Vorzugsaktien plus 0,523% entsprechen und aufgelaufene und ausstehende Ausschüttungen umfassen. Die Rückzahlung und ihre Bedingungen wurden von den Vorständen beider Unternehmen auf Empfehlung spezieller Ausschüsse von unabhängigen und nicht interessierten Direktoren genehmigt.
Castor ist an der Nasdaq Capital Market gelistet. Toro betreibt eine Flotte von zwei LPG-Trägern und zwei MR-Tanker und wird an der Nasdaq unter dem Symbol TORO gehandelt.
شركة تورّو (ناسداك: TORO) وCastor Maritime اتفقتا في 13 أكتوبر 2025 على إعادة شراء كامل 60,000 من أسهم Castor من الأسهم الممتازة القابلة للتحويل التراكمية الأبدية من السلسلة E بنسبة 8.75% والتي أصدرت في سبتمبر 2025.
مقابل الاسترداد يساوي القيمة الاسمية لأسهم السلسلة E زائد 0.523%، ويشمل التوزيعات المتراكمة وغير المدفوعة. تمت الموافقة على الاسترداد وشروطه من قبل مجالس إدارات الشركتين بناءً على توصيات من لجان خاصة من مديرين مستقلين وغير راغبين في المصالح.
Castor مدرجة في Nasdaq Capital Market. Toro تشغّل أسطولاً يتكون من ناقلتين LPG ونقطتين MR وتداول في Nasdaq تحت الرمز TORO.
Toro Corp. (NASDAQ: TORO) 与 Castor Maritime 于 2025年10月13日 就全面赎回 Castor 于2025年9月发行的 8.75% 的 E 系列累积性永久可转换优先股 60,000 股达成协议。
赎回对价等于 E 系列优先股的名义金额再加上 0.523%，并包括应计且未支付的分红。赎回及其条款已在两家公司董事会在独立且无利益冲突的特别委员会建议下批准。
Castor 在纳斯达克资本市场上市。 Toro 运营两艘 LPG 运载船和两艘 MR 类油轮，并以 TORO 作为在 Nasdaq 的交易代码。
- 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
- Related-party leadership overlap: Castor’s Chairman, CEO and CFO is also Toro’s Chairman and CEO
Insights
Toro and Castor agreed a board‑approved full redemption of 60,000 Series E preferred shares for stated amount plus
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
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
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?
How much will Toro and Castor pay to redeem the Series E preferred shares?
Who approved the full redemption of Castor’s Series E preferred shares with Toro (TORO)?
Does the Toro–Castor redemption involve related-party leadership?
How many vessels does Toro Corp. operate as of the announcement on October 15, 2025?
