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
News Market Reaction
On the day this news was published, TORO gained 2.42%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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?
