[424B5] Robin Energy Ltd. Prospectus Supplement (Debt Securities)
Robin Energy Ltd (NASDAQ: RBNE) has announced a direct offering of 1,020,000 common shares to institutional investors at $3.50 per share, aiming to raise approximately $3.57 million. The offering price represents a significant discount from the June 24, 2025 closing price of $4.85 per share.
Key offering details:
- Net proceeds of approximately $3.32 million after deducting placement agent fees
- Maxim Group LLC serving as sole placement agent with 7% fee
- Delivery expected around June 25, 2025
The company's public float was valued at $51.5 million as of June 20, 2025, based on 3,678,326 non-affiliate shares. Under Form F-3 restrictions, Robin Energy is limited to selling no more than one-third of its public float in any 12-month period while float remains below $75 million. The company has already sold $13.59 million in securities during the past 12 months under this provision.
Robin Energy Ltd (NASDAQ: RBNE) ha annunciato un'offerta diretta di 1.020.000 azioni ordinarie a investitori istituzionali al prezzo di 3,50 dollari per azione, con l'obiettivo di raccogliere circa 3,57 milioni di dollari. Il prezzo dell'offerta rappresenta uno sconto significativo rispetto al prezzo di chiusura del 24 giugno 2025, pari a 4,85 dollari per azione.
Dettagli principali dell'offerta:
- Proventi netti di circa 3,32 milioni di dollari dopo la detrazione delle commissioni dell'agente di collocamento
- Maxim Group LLC in qualità di unico agente di collocamento con una commissione del 7%
- Consegna prevista intorno al 25 giugno 2025
Il flottante pubblico della società è stato valutato 51,5 milioni di dollari al 20 giugno 2025, basato su 3.678.326 azioni non affiliate. In base alle restrizioni del modulo F-3, Robin Energy può vendere al massimo un terzo del proprio flottante pubblico in un periodo di 12 mesi finché il flottante rimane sotto i 75 milioni di dollari. La società ha già venduto titoli per un valore di 13,59 milioni di dollari negli ultimi 12 mesi secondo questa disposizione.
Robin Energy Ltd (NASDAQ: RBNE) ha anunciado una oferta directa de 1.020.000 acciones comunes a inversores institucionales a 3,50 dólares por acción, con el objetivo de recaudar aproximadamente 3,57 millones de dólares. El precio de la oferta representa un descuento significativo respecto al precio de cierre del 24 de junio de 2025, que fue de 4,85 dólares por acción.
Detalles clave de la oferta:
- Ingresos netos de aproximadamente 3,32 millones de dólares después de deducir las comisiones del agente colocador
- Maxim Group LLC actuando como único agente colocador con una comisión del 7%
- Entrega prevista alrededor del 25 de junio de 2025
El flotante público de la compañía fue valorado en 51,5 millones de dólares al 20 de junio de 2025, basado en 3.678.326 acciones no afiliadas. Según las restricciones del Formulario F-3, Robin Energy está limitada a vender no más de un tercio de su flotante público en cualquier período de 12 meses mientras el flotante permanezca por debajo de los 75 millones de dólares. La compañía ya ha vendido valores por un total de 13,59 millones de dólares durante los últimos 12 meses bajo esta disposición.
Robin Energy Ltd (NASDAQ: RBNE)는 기관 투자자들을 대상으로 1,020,000 보통주를 주당 3.50달러에 직접 공모하여 약 357만 달러를 조달할 예정이라고 발표했습니다. 이번 공모가는 2025년 6월 24일 종가인 주당 4.85달러에 비해 상당한 할인율을 적용한 가격입니다.
주요 공모 내용:
- 배치 대행 수수료 공제 후 약 332만 달러의 순수익 예상
- Maxim Group LLC가 단독 배치 대행사로서 7% 수수료 부과
- 인도 예정일은 2025년 6월 25일 경
회사의 공개 유통 주식 가치는 2025년 6월 20일 기준 3,678,326 비계열 주식을 기준으로 5,150만 달러로 평가되었습니다. F-3 양식 제한에 따라 Robin Energy는 유통 주식 수가 7,500만 달러 미만인 동안 12개월 기간 내에 공개 유통 주식의 3분의 1을 초과하여 판매할 수 없습니다. 회사는 이 규정에 따라 지난 12개월 동안 이미 1,359만 달러 상당의 증권을 판매했습니다.
Robin Energy Ltd (NASDAQ : RBNE) a annoncé une offre directe de 1 020 000 actions ordinaires à des investisseurs institutionnels au prix de 3,50 $ par action, visant à lever environ 3,57 millions de dollars. Le prix de l'offre représente une décote significative par rapport au cours de clôture du 24 juin 2025, fixé à 4,85 $ par action.
Détails clés de l'offre :
- Produit net d'environ 3,32 millions de dollars après déduction des frais de l'agent placeur
- Maxim Group LLC agit en tant qu'agent placeur unique avec une commission de 7 %
- Livraison prévue aux alentours du 25 juin 2025
Le flottant public de la société était évalué à 51,5 millions de dollars au 20 juin 2025, basé sur 3 678 326 actions non affiliées. En vertu des restrictions du formulaire F-3, Robin Energy est limitée à la vente d'un tiers maximum de son flottant public sur une période de 12 mois tant que ce flottant reste inférieur à 75 millions de dollars. La société a déjà vendu pour 13,59 millions de dollars de titres au cours des 12 derniers mois dans le cadre de cette disposition.
Robin Energy Ltd (NASDAQ: RBNE) hat eine Direktplatzierung von 1.020.000 Stammaktien an institutionelle Investoren zu einem Preis von 3,50 USD pro Aktie angekündigt, mit dem Ziel, rund 3,57 Millionen USD zu erlösen. Der Angebotspreis stellt einen erheblichen Abschlag gegenüber dem Schlusskurs vom 24. Juni 2025 von 4,85 USD pro Aktie dar.
Wichtige Angebotsdetails:
- Nettoerlöse von etwa 3,32 Millionen USD nach Abzug der Vermittlungsgebühren
- Maxim Group LLC fungiert als alleiniger Platzierungsagent mit einer Gebühr von 7%
- Lieferung voraussichtlich um den 25. Juni 2025
Der Streubesitz des Unternehmens wurde zum 20. Juni 2025 basierend auf 3.678.326 nicht verbundenen Aktien mit 51,5 Millionen USD bewertet. Nach den Beschränkungen des Formulars F-3 darf Robin Energy nicht mehr als ein Drittel seines Streubesitzes innerhalb von 12 Monaten verkaufen, solange der Streubesitz unter 75 Millionen USD bleibt. Das Unternehmen hat in den vergangenen 12 Monaten bereits Wertpapiere im Wert von 13,59 Millionen USD im Rahmen dieser Regelung verkauft.
- None.
- Significant share price decline from $14.00 on June 13 to $4.85 on June 24, 2025, representing a 65% drop
- Offering price of $3.50 per share represents a 28% discount to current market price of $4.85, indicating weak demand and potential dilution
- Company is selling shares at distressed levels, with current price 75% below recent trading levels
- Limited financial flexibility as public float remains below $75M, restricting ability to raise capital
Robin Energy Ltd (NASDAQ: RBNE) ha annunciato un'offerta diretta di 1.020.000 azioni ordinarie a investitori istituzionali al prezzo di 3,50 dollari per azione, con l'obiettivo di raccogliere circa 3,57 milioni di dollari. Il prezzo dell'offerta rappresenta uno sconto significativo rispetto al prezzo di chiusura del 24 giugno 2025, pari a 4,85 dollari per azione.
Dettagli principali dell'offerta:
- Proventi netti di circa 3,32 milioni di dollari dopo la detrazione delle commissioni dell'agente di collocamento
- Maxim Group LLC in qualità di unico agente di collocamento con una commissione del 7%
- Consegna prevista intorno al 25 giugno 2025
Il flottante pubblico della società è stato valutato 51,5 milioni di dollari al 20 giugno 2025, basato su 3.678.326 azioni non affiliate. In base alle restrizioni del modulo F-3, Robin Energy può vendere al massimo un terzo del proprio flottante pubblico in un periodo di 12 mesi finché il flottante rimane sotto i 75 milioni di dollari. La società ha già venduto titoli per un valore di 13,59 milioni di dollari negli ultimi 12 mesi secondo questa disposizione.
Robin Energy Ltd (NASDAQ: RBNE) ha anunciado una oferta directa de 1.020.000 acciones comunes a inversores institucionales a 3,50 dólares por acción, con el objetivo de recaudar aproximadamente 3,57 millones de dólares. El precio de la oferta representa un descuento significativo respecto al precio de cierre del 24 de junio de 2025, que fue de 4,85 dólares por acción.
Detalles clave de la oferta:
- Ingresos netos de aproximadamente 3,32 millones de dólares después de deducir las comisiones del agente colocador
- Maxim Group LLC actuando como único agente colocador con una comisión del 7%
- Entrega prevista alrededor del 25 de junio de 2025
El flotante público de la compañía fue valorado en 51,5 millones de dólares al 20 de junio de 2025, basado en 3.678.326 acciones no afiliadas. Según las restricciones del Formulario F-3, Robin Energy está limitada a vender no más de un tercio de su flotante público en cualquier período de 12 meses mientras el flotante permanezca por debajo de los 75 millones de dólares. La compañía ya ha vendido valores por un total de 13,59 millones de dólares durante los últimos 12 meses bajo esta disposición.
Robin Energy Ltd (NASDAQ: RBNE)는 기관 투자자들을 대상으로 1,020,000 보통주를 주당 3.50달러에 직접 공모하여 약 357만 달러를 조달할 예정이라고 발표했습니다. 이번 공모가는 2025년 6월 24일 종가인 주당 4.85달러에 비해 상당한 할인율을 적용한 가격입니다.
주요 공모 내용:
- 배치 대행 수수료 공제 후 약 332만 달러의 순수익 예상
- Maxim Group LLC가 단독 배치 대행사로서 7% 수수료 부과
- 인도 예정일은 2025년 6월 25일 경
회사의 공개 유통 주식 가치는 2025년 6월 20일 기준 3,678,326 비계열 주식을 기준으로 5,150만 달러로 평가되었습니다. F-3 양식 제한에 따라 Robin Energy는 유통 주식 수가 7,500만 달러 미만인 동안 12개월 기간 내에 공개 유통 주식의 3분의 1을 초과하여 판매할 수 없습니다. 회사는 이 규정에 따라 지난 12개월 동안 이미 1,359만 달러 상당의 증권을 판매했습니다.
Robin Energy Ltd (NASDAQ : RBNE) a annoncé une offre directe de 1 020 000 actions ordinaires à des investisseurs institutionnels au prix de 3,50 $ par action, visant à lever environ 3,57 millions de dollars. Le prix de l'offre représente une décote significative par rapport au cours de clôture du 24 juin 2025, fixé à 4,85 $ par action.
Détails clés de l'offre :
- Produit net d'environ 3,32 millions de dollars après déduction des frais de l'agent placeur
- Maxim Group LLC agit en tant qu'agent placeur unique avec une commission de 7 %
- Livraison prévue aux alentours du 25 juin 2025
Le flottant public de la société était évalué à 51,5 millions de dollars au 20 juin 2025, basé sur 3 678 326 actions non affiliées. En vertu des restrictions du formulaire F-3, Robin Energy est limitée à la vente d'un tiers maximum de son flottant public sur une période de 12 mois tant que ce flottant reste inférieur à 75 millions de dollars. La société a déjà vendu pour 13,59 millions de dollars de titres au cours des 12 derniers mois dans le cadre de cette disposition.
Robin Energy Ltd (NASDAQ: RBNE) hat eine Direktplatzierung von 1.020.000 Stammaktien an institutionelle Investoren zu einem Preis von 3,50 USD pro Aktie angekündigt, mit dem Ziel, rund 3,57 Millionen USD zu erlösen. Der Angebotspreis stellt einen erheblichen Abschlag gegenüber dem Schlusskurs vom 24. Juni 2025 von 4,85 USD pro Aktie dar.
Wichtige Angebotsdetails:
- Nettoerlöse von etwa 3,32 Millionen USD nach Abzug der Vermittlungsgebühren
- Maxim Group LLC fungiert als alleiniger Platzierungsagent mit einer Gebühr von 7%
- Lieferung voraussichtlich um den 25. Juni 2025
Der Streubesitz des Unternehmens wurde zum 20. Juni 2025 basierend auf 3.678.326 nicht verbundenen Aktien mit 51,5 Millionen USD bewertet. Nach den Beschränkungen des Formulars F-3 darf Robin Energy nicht mehr als ein Drittel seines Streubesitzes innerhalb von 12 Monaten verkaufen, solange der Streubesitz unter 75 Millionen USD bleibt. Das Unternehmen hat in den vergangenen 12 Monaten bereits Wertpapiere im Wert von 13,59 Millionen USD im Rahmen dieser Regelung verkauft.
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Per Share | Total | |||||
Public offering price | $3.50 | $3,570,000.00 | ||||
Placement agent fees(1) | $0.245 | $249,900.00 | ||||
Proceeds to the Company before expenses | $3.255 | $3,320,100.00 | ||||
(1) | We have agreed to pay the Placement Agent a cash fee of 7.0%. See “Plan of Distribution” beginning on page S-14 of this prospectus supplement for additional disclosure regarding Placement Agent fees and estimated offering expenses. |
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Page | |||
ABOUT THIS PROSPECTUS SUPPLEMENT | S-1 | ||
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | S-2 | ||
ENFORCEABILITY OF CIVIL LIABILITIES | S-4 | ||
PROSPECTUS SUPPLEMENT SUMMARY | S-5 | ||
THE OFFERING | S-6 | ||
RISK FACTORS | S-7 | ||
USE OF PROCEEDS | S-10 | ||
CAPITALIZATION | S-11 | ||
DILUTION | S-12 | ||
DESCRIPTION OF SECURITIES WE ARE OFFERING | S-13 | ||
PLAN OF DISTRIBUTION | S-14 | ||
LEGAL MATTERS | S-16 | ||
WHERE YOU CAN FIND ADDITIONAL INFORMATION | S-16 | ||
INFORMATION INCORPORATED BY REFERENCE | S-17 | ||
ABOUT THIS PROSPECTUS | 1 | ||
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 2 | ||
ROBIN ENERGY LTD. | 5 | ||
WHERE YOU CAN FIND MORE INFORMATION | 6 | ||
INCORPORATION BY REFERENCE | 7 | ||
RISK FACTORS | 8 | ||
USE OF PROCEEDS | 9 | ||
CAPITALIZATION | 10 | ||
DESCRIPTION OF CAPITAL STOCK | 11 | ||
DESCRIPTION OF DEBT SECURITIES | 12 | ||
DESCRIPTION OF WARRANTS | 14 | ||
DESCRIPTION OF PURCHASE CONTRACTS | 15 | ||
DESCRIPTION OF RIGHTS | 16 | ||
DESCRIPTION OF UNITS | 17 | ||
PLAN OF DISTRIBUTION | 18 | ||
TAX CONSIDERATIONS | 20 | ||
EXPENSES | 21 | ||
VALIDITY OF SECURITIES | 22 | ||
EXPERTS | 22 | ||
ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES | 23 | ||
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• | the effects of our spin off from Toro Corp, or the Spin Off.; |
• | our business strategy, expected capital spending and other plans and objectives for future operations, including our ability to expand our business as a new entrant to the product tanker shipping industry; |
• | market conditions and trends, including volatility and cyclicality in charter rates, factors affecting supply and demand for vessels such as fluctuations in demand for and the price of the products we transport, fluctuating vessel values, changes in worldwide fleet capacity, opportunities for the profitable operations of vessels in the segment of the shipping industry in which we operate and global economic and financial conditions, including interest rates, inflation and the growth rates of world economies; |
• | our ability to realize the expected benefits of any vessel acquisitions or sales, and the effects of any change in our fleet’s size or composition, increased transaction costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessel, on our future financial condition, operating results, future revenues and expenses, future liquidity and the adequacy of cash flows from our operations; |
• | our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them; |
• | the availability of debt or equity financing on acceptable terms and our ability to comply with the covenants in agreements relating thereto, in particular due to economic, financial or operational reasons; |
• | our continued ability to enter into time charters, voyage charters or pool arrangements with existing and new customers and pool operators, and to re-charter our vessel upon the expiry of the existing pool agreement; |
• | any failure by our contractual counterparties to meet their contractual obligations; |
• | changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance and costs associated with climate change; |
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• | our ability to fund future capital expenditures and investments in the refurbishment of our vessel (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue); |
• | instances of off-hire; |
• | fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies |
• | any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach; |
• | existing or future disputes, proceedings or litigation; |
• | future sales of our securities in the public market, and our ability to maintain compliance with applicable listing standards or the delisting of our Common Shares; |
• | volatility in our share price; |
• | potential conflicts of interest involving members of our board of directors, including our chief executive officer, senior management and certain of our service providers that are related parties; |
• | general domestic and international geopolitical conditions, such as political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflicts in the Middle East), acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars” (including as a result of tariffs imposed by the United States or other countries), and potential governmental requisitions of our vessel during a period of war or emergency; |
• | global public health threats and major outbreaks of disease; |
• | any material cybersecurity incident; |
• | changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for product tankers and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy, smuggling or acts of terrorism; |
• | changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry and to vessel rules and regulations, as well as changes in inspection procedures and import and export controls; |
• | inadequacies in our insurance coverage; |
• | developments in tax laws, treaties or regulations or their interpretation in any country in which we operate and changes in our tax treatment or classification; |
• | the impact of climate change, adverse weather and natural disasters; |
• | accidents or the occurrence of other unexpected events, including in relation to the operational risks associated with transporting refined petroleum products; and |
• | other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our most recent Annual Report, which is incorporated by reference into this prospectus. |
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(1) | The number of Common Shares to be outstanding after this offering is based on 4,974,731 Common Shares outstanding as of June 24, 2025 and excludes as of such date Common Shares issuable upon conversion of our 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”), with a cumulative preferred distribution accruing initially at a rate of 1.00% per annum on the stated amount of $25.00 per share, which are convertible, in whole or in part but not in an amount of less than 40,000 Series A Preferred Shares, at their holder’s option, to Common Shares from and after the second anniversary of their issue date at the lower of (i) 200% of the volume weighted average price (“VWAP”) of our Common Shares over the five consecutive trading day period commencing on and including the Spin Off distribution date (the “Distribution Date”), and (ii) the VWAP of our Common Shares over the five consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion. See “Description of Capital Stock—Series A Convertible Preferred Shares.” |
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• | the market price of our Common Shares may experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals; |
• | to the extent volatility in our Common Shares is caused by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Common Shares as traders with a short position make market purchases to avoid or to mitigate potential losses, investors may purchase Common Shares at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and |
• | if the market price of our Common Shares declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the price of our Common Shares will not fluctuate, increase or decline significantly in the future, in which case you could incur substantial losses. |
• | investor reaction to our business strategy; |
• | the sentiment of the significant number of retail investors whom we believe, will hold our Common Shares, in part due to direct access by retail investors to broadly available trading platforms, and whose investment thesis may be influenced by views expressed on financial trading and other social media sites and online forums; |
• | the amount and status of short interest in our Common Shares, access to margin debt, trading in options and other derivatives on our Common Shares and any related hedging and other trading factors; |
• | our continued compliance with the listing standards of the Nasdaq Capital Market and any action we may take to maintain such compliance, such as a reverse stock split; |
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• | regulatory or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our industry; |
• | variations in our financial results or those of companies that are perceived to be similar to us; |
• | our ability or inability to raise additional capital and the terms on which we raise it; |
• | our dividend strategy; |
• | our continued compliance with any debt covenants; |
• | variations in the value of our fleet; |
• | declines in the market prices of stocks generally; |
• | trading volume of our Common Shares; |
• | sales of our Common Shares by us or our shareholders; |
• | speculation in the press or investment community about our Company, our industry or our securities; |
• | general economic, industry and market conditions; and |
• | other events or factors, including those resulting from such events, or the prospect of such events, including war, terrorism and other international conflicts, public health issues including health epidemics or pandemics, and natural disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate conditions, whether occurring in the United States or elsewhere, could disrupt our operations or result in political or economic instability. |
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• | on an actual basis; |
• | on an as adjusted basis to give effect to the (1) issuance of (i) 2,386,731 Common Shares, par value $0.001 per share, (ii) 2,000,000 Series A Preferred Shares, par value $0.001 per share, and (iii) 40,000 Series B Preferred Shares, par value $0.001 per share, and the contribution to us by Toro Corp. of $10,356,450 in cash, each in connection with our spin off from Toro on April 14, 2025; (2) the issuance and sale of 965,000 common shares to certain institutional investors on June 17, 2025 at an offering price of $5.25 per share resulting in net proceeds of approximately $4.2 million, net of estimated fees and expenses of approximately $833,833; (3) the issuance and sale of 860,000 common shares to certain institutional investors on June 18, 2025 at an offering price of $5.25 per share resulting in net proceeds of approximately $4.1 million, net of estimated fees and expenses of approximately $462,765; and (4) the issuance and sale of 763,000 common shares to certain institutional investors on June 20, 2025 at an offering price of $5.25 per share resulting in net proceeds of approximately $3.6 million, net of estimated fees and expenses of approximately $422,025; |
• | on an as further adjusted basis to give effect to the issuance and sale of 1,020,000 common shares in this offering at an offering price of $3.50 per share resulting in net proceeds of approximately $3.2 million, net of estimated fees and expenses of approximately $387,165. |
(All figures in U.S. dollars) | Actual As of December 31, 2024 | As Adjusted As of December 31, 2024 | As Further Adjusted For This Offering | ||||||
Debt: | $— | $— | $— | ||||||
Mezzanine equity: | — | ||||||||
Series A Preferred Shares(1) | $— | $20,000,000 | $20,000,000 | ||||||
Parent company equity/ Shareholders Equity: | |||||||||
Net parent investment | $21,111,822 | $— | $— | ||||||
Capital Stock | — | 4,975 | 5,995 | ||||||
Series B Preferred Shares | — | 40 | 40 | ||||||
Additional paid-in capital | — | 23,331,634 | 26,513,449 | ||||||
Retained earnings | — | — | — | ||||||
Total parent company equity/ Shareholders Equity | $21,111,822 | $23,336,649 | $26,519,484 | ||||||
Total Capitalization | $21,111,822 | $43,336,649 | $46,519,484 | ||||||
(1) | Series A Preferred shares are presented at fair value as determined by management in consideration of a number of data points, including a valuation performed by an independent third-party consulting firm. The valuation methodology applied comprised the bifurcation of the value of the Series A Preferred Shares in two components namely, the “straight” preferred stock component and the option component. The mean of the sum of the two components was used to estimate the value for the Series A Preferred Shares at $20 million. The valuation methodology and the significant unobservable inputs used for each component are set out below: |
Valuation Technique | Unobservable Input | Range (Weighted average) | |||||||||
“Straight” Preferred stock component | Discounted Cash Flow model | • Weighted average cost of Capital | 10.55% | ||||||||
Option Component | Black Scholes | • Volatility • Risk free rate • Weighted average cost of Capital • Strike price | 114.48% 4.30% 10.55% $10 | ||||||||
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Offering price per common share | $3.500 | ||
As adjusted(1) net tangible book value per common share before this offering | $4.691 | ||
Decrease in as adjusted net tangible book value attributable to this offering | $0.267 | ||
As further adjusted(2) net tangible book value per common share after giving effect to this offering | $4.424 | ||
Accretion per common share to new investors | $0.924 | ||
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Per Share | Total | |||||
Public offering price | $3.50 | $3,570,000.00 | ||||
Placement agent fees | $0.245 | $249,900.00 | ||||
Proceeds to the Company before expenses | $3.255 | $3,320,100.00 | ||||
• | may not engage in any stabilization activity in connection with our securities; and |
• | may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution. |
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• | our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 15, 2025; |
• | Our Reports on Form 6-K filed with the SEC on June 17, 2025, June 18, 2025 and June 20, 2025; |
• | The description of the Common Shares contained in Exhibit 2.1 to the Annual Report, including any amendment or report filed for the purpose of updating such description. |
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ABOUT THIS PROSPECTUS | 1 | ||
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 2 | ||
ROBIN ENERGY LTD. | 5 | ||
WHERE YOU CAN FIND MORE INFORMATION | 6 | ||
INCORPORATION BY REFERENCE | 7 | ||
RISK FACTORS | 8 | ||
USE OF PROCEEDS | 9 | ||
CAPITALIZATION | 10 | ||
DESCRIPTION OF CAPITAL STOCK | 11 | ||
DESCRIPTION OF DEBT SECURITIES | 12 | ||
DESCRIPTION OF WARRANTS | 14 | ||
DESCRIPTION OF PURCHASE CONTRACTS | 15 | ||
DESCRIPTION OF RIGHTS | 16 | ||
DESCRIPTION OF UNITS | 17 | ||
PLAN OF DISTRIBUTION | 18 | ||
TAX CONSIDERATIONS | 20 | ||
EXPENSES | 21 | ||
VALIDITY OF SECURITIES | 22 | ||
EXPERTS | 22 | ||
ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES | 23 | ||
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• | the effects of our spin-off from Toro Corp. |
• | our business strategy, expected capital spending and other plans and objectives for future operations, including our ability to expand our business as a new entrant to the handysize tanker shipping industry; |
• | shipping market conditions and trends, including volatility and cyclicality in charter rates of the shipping segments we operate, factors affecting supply and demand for vessels such as fluctuations in demand for and the price of the products we transport, fluctuating vessel values, changes in worldwide fleet capacity, opportunities for the profitable operations of vessels in the segment of the shipping industry in which we operate and global economic and financial conditions, including interest rates, inflation, trade developments and the growth rates of world economies; |
• | our ability to realize the expected benefits of any vessel acquisitions or sales, and the effects of any change in our fleet’s size or composition, increased transaction costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessel, on our future financial condition, operating results, future revenues and expenses, future liquidity and the adequacy of cash flows from our operations; |
• | our relationships with our current and future service providers and customers, including the ongoing performance of their contractual obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them; |
• | the availability of debt or equity financing on standard market terms and our ability to comply with the covenants in agreements relating thereto, in particular due to economic, financial or operational reasons; |
• | our continued ability to enter into time charters, voyage charters or pool arrangements with existing and new customers and pool operators, and to re-charter our vessel upon the expiry of the existing pool agreement; |
• | the successful operations of our vessel in the competitive spot charter market and our pool operator’s financial performance, including its ability to obtain profitable sport charters; |
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• | any failure by our contractual counterparties to meet their contractual obligations under the existing agreements we have entered into with them; |
• | changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance and costs associated with climate change; |
• | our ability to fund future capital expenditures and investments in the refurbishment of our vessel (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue); |
• | instances of off-hire; |
• | fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies; |
• | any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach; |
• | existing or future claims, disputes, proceedings or litigation; |
• | future sales of our securities in the public market, and our ability to maintain compliance with applicable listing standards or the delisting of our common shares; |
• | volatility in our share price; |
• | potential conflicts of interest involving members of our board of directors, senior management and certain of our service providers that are related parties; |
• | general domestic and international geopolitical conditions, such as political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East), acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, potential governmental requisitions of our vessel during a period of war or emergency; |
• | global public health threats and major outbreaks of disease; |
• | any material cybersecurity incident; |
• | changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for product tankers and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy, smuggling or acts of terrorism; |
• | changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry and to vessel rules and regulations, as well as changes in inspection procedures and import and export controls; |
• | inadequacies in our insurance coverage; |
• | developments in tax laws, treaties or regulations or their interpretation in any country in which we operate and changes in our tax treatment or classification; |
• | “trade wars”, including as a result of tariffs recently imposed by the United States and retaliatory tariffs imposed or threatened by other countries, and the impact of trade barriers and developments in rules and regulations regarding the global trade of commodities we transport in our vessel; |
• | the impact of climate change, adverse weather and natural disasters; |
• | accidents or the occurrence of other unexpected events, including in relation to the operational risks associated with transporting refined petroleum products; and |
• | any other factor described in this prospectus, or in our filings with the SEC incorporated by reference herein, including Robin’s Annual Report on Form 20-F for the year ended December 31, 2024 (the “Annual Report”) filed with the SEC on April 15, 2025, incorporated by reference herein. |
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• | Annual Report of Robin Energy Ltd. on Form 20-F for the year ended December 31, 2024, filed on April 15, 2025; and |
• | The description of the Common Shares contained in Exhibit 2.1 to the Annual Report, including any amendment or report filed for the purpose of updating such description. |
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• | on an actual basis; and |
• | on an as adjusted basis to give effect to the (1) issuance of (i) 2,386,731 common shares, par value $0.001 per share, (ii) 2,000,000 Series A Preferred Shares, par value $0.001 per share, and (iii) 40,000 Series B Preferred Shares, par value $0.001 per share and (2) the contribution to us by Toro Corp. of $10,356,450 in cash, each in connection with our spin off from Toro Corp on April 14, 2025. |
(All figures in U.S. dollars) | Actual As of December 31, 2024 | As Adjusted As of December 31, 2024 | ||||
Mezzanine equity: | ||||||
Series A Preferred Shares(1) | $— | $20,000,000 | ||||
Parent company equity/ Shareholders Equity: | ||||||
Net parent investment | $21,111,822 | $— | ||||
Capital Stock | — | 2,387 | ||||
Series B Preferred Shares | — | 40 | ||||
Additional paid-in capital | — | 11,465,845 | ||||
Retained earnings | — | — | ||||
Total parent company equity/ Shareholders Equity | $21,111,822 | $11,468,272 | ||||
Total Capitalization | $21,111,822 | $31,468,272 | ||||
(1) | Series A Preferred shares are presented at fair value as determined by management in consideration of a number of data points, including a valuation performed by an independent third-party consulting firm. The valuation methodology applied comprised the bifurcation of the value of the Series A Preferred Shares in two components namely, the “straight” preferred stock component and the option component. The mean of the sum of the two components was used to estimate the value for the Series A Preferred Shares at $20 million. The valuation methodology and the significant unobservable inputs used for each component are set out below: |
Valuation Technique | Unobservable Input | Range (Weighted average) | |||||||||
“Straight” Preferred stock component | Discounted Cash Flow model | • Weighted average cost of Capital | 10.55% | ||||||||
Option Component | Black Scholes | • Volatility • Risk free rate • Weighted average cost of Capital • Strike price | 114.48% 4.30% 10.55% $10 | ||||||||
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• | the designation, aggregate principal amount and authorized denominations of such debt securities; |
• | the issue price, expressed as a percentage of the aggregate principal amount of such debt securities; |
• | the maturity date or dates of such debt securities; |
• | the interest rate per annum, if any of such debt securities; |
• | if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence and the regular record dates for interest payment dates; |
• | any optional or mandatory sinking fund provisions or exchangeability provisions; |
• | the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other conversion provisions; |
• | whether the debt securities will be our senior or subordinated securities; |
• | whether the debt securities will be our secured or unsecured obligations; |
• | the applicability and terms of any guarantees; |
• | the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory redemptions; |
• | the denominations in which the debt securities of the series will be issuable; |
• | the portion of the principal amount of the debt securities of the series which will be payable upon acceleration or provable in bankruptcy; |
• | any events of default; |
• | the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America; |
• | if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made; |
• | whether interest will be payable in cash or additional securities at our or the holder’s option and the terms and conditions upon which the election may be made; |
• | if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining the voting rights of holders of those debt securities under the applicable indenture; |
• | if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the debt securities of the series are stated to be payable, the manner in which the amounts will be determined; |
• | any restrictive covenants or other material terms relating to the debt securities; |
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• | whether the debt securities will be issued in the form of global securities or certificates in registered form; |
• | any listing on any securities exchange or quotation system; |
• | any agents for the debt securities, including trustees, depositaries, authenticating or paying agents, transfer agents or registrars; |
• | any applicable selling restrictions; |
• | additional provisions, if any, related to defeasance and discharge of the debt securities; and |
• | any other special features of the debt securities. |
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• | the title of such warrants; |
• | the aggregate number of such warrants; |
• | the price or prices at which such warrants will be issued; |
• | the number and type of our securities purchasable upon exercise of such warrants; |
• | the price at which our securities purchasable upon exercise of such warrants may be purchased; |
• | the date on which the right to exercise such warrants shall commence and the date on which such right shall expire; |
• | if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
• | if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security; |
• | if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
• | information with respect to book-entry procedures, if any; |
• | the currency or currencies, in which the price of such warrants will be payable; |
• | if applicable, a discussion of any material Marshall Islands and U.S. federal income tax considerations; and |
• | any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
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• | the exercise price for the rights; |
• | the number of rights issued to each shareholder; |
• | the extent to which the rights are transferable; |
• | any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights; |
• | the date on which the right to exercise the rights will commence and the date on which the right will expire; |
• | the amount of rights outstanding; |
• | the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and |
• | the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering. |
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• | the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately; |
• | a description of the terms of any unit agreement governing the units; |
• | if applicable, a discussion of any material Marshall Islands and U.S. federal income tax considerations; and |
• | a description of the provisions for the payment, settlement, transfer or exchange of the units. |
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• | a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction; |
• | purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; |
• | ordinary brokerage transactions and transactions in which a broker solicits purchasers; or |
• | trading plans entered into by us pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement that provide for periodic sales of our securities on the basis of parameters described in such trading plans. |
• | In addition, we may enter into options or other types of transactions that require us to deliver our securities to a broker-dealer, who will then resell or transfer the securities under this prospectus. |
• | We may enter into hedging transactions with respect to our securities. For example, we may: |
• | enter into transactions involving short sales of our common shares by broker-dealers; |
• | sell common shares short and deliver the shares to close out short positions; or |
• | loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares. |
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SEC registration fee | $38,275 | ||
FINRA filing fee | $* | ||
Legal fees and expenses | $* | ||
Accounting fees and expenses | $* | ||
Miscellaneous | $* | ||
Total | $* | ||
* | To be provided in a prospectus supplement or as an exhibit to a report on Form 6-K that is incorporated by reference. |
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