category
Dec 9, 2025
Toro Corp. Declares Special Dividend of $1.75 Per Share - Toro (NASDAQ:TORO)
Benzinga
LIMASSOL, Cyprus, Dec. 05, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ:TORO) ("Toro", or the "Company"), a global energy transportation provider, today announced that the Company's board of directors has declared a one-time, special dividend of $1.75 per common share, consisting of either cash or the Company's common shares. The dividend is payable to the Company's shareholders of record at the close of business on December 16, 2025 and is expected to be paid on January 16, 2026 (the "Dividend Payment Date"). Given that the payment of the special dividend represents more than 25% of the trading price of the Company's common shares, Nasdaq has advised the Company that its common shares will trade with "due bills". More information on this process is included below.
The Company expects the dividend will be a taxable dividend to shareholders, regardless of whether received in the form of cash or common shares.
For shareholders that wish to receive the dividend all in cash, no further action is required. Alternatively, shareholders can elect to receive the dividend all in common shares. The number of common shares issued as a result of the dividend will be based on the 20-day volume weighted average price through December 4, 2025 ("20-day VWAP") of the Company's common shares, which the Company has determined is equal to $3.8386 per share. The market value of shares received on the Dividend Payment Date may be greater or less than the 20-day VWAP. The Company reserves the right to determine, at any time up to midnight on January 15, 2026, to pay the dividend entirely in cash, notwithstanding any elections it has received and without prior notice to shareholders.
An information letter and election form will be mailed to shareholders of record after the record date. The properly completed election form must be received by Broadridge Corporate Issuer Solutions, LLC, the Company's transfer agent, prior to 5:00 p.m. Eastern Time on January 5, 2026. If the transfer agent d
