TORO Corp. set October 1 as the Record Date for its proposed spin-off of AI OKTO, with distribution expected around October 8. The timing matters to investors because holders must retain TORO common shares through the distribution date to receive AI OKTO shares under the proposed transaction.

Key Highlights

  • TORO shareholders are due to receive one AI OKTO common share for every eight TORO common shares held on the record date.
  • TORO Corp. has set October 1 as the record date for the proposed spin-off of Wholly Owned Subsidiary AI OKTO CORP.
  • The proposed distribution remains conditional on AI OKTO’s registration statement becoming effective and Nasdaq approving its listing.

TORO Corp. (NASDAQ: TORO) is a marine shipping company. It has set October 1 as the record date for the proposed spin-off of wholly owned subsidiary AI OKTO CORP. Giving shareholders a defined date for eligibility in the planned distribution.

AI OKTO Distribution Set for October 8

The company expects to distribute AI OKTO common shares on or around October 8. The proposed transaction covers AI OKTO, which is described as TORO’s LPG carrier business. Completion remains subject to the registration statement on Form 20-F becoming effective and approval for AI OKTO common shares to list on the Nasdaq Capital Market. The proposed distribution can still change. TORO said there is no assurance that the spin-off will occur or that its terms and timing will remain as currently expected.

Due Bills Govern Trading During the Distribution Period

Nasdaq is expected to establish due-bill trading procedures from the record date through the distribution date. Buyers during that period are expected to receive the distribution attached to the purchased TORO common shares, while sellers will not receive it for shares sold during the same period. Due bills require sellers to deliver the relevant distribution to buyers, with settlement handled between their brokers. TORO has no responsibility for the due-bill amount or processing, and buyers and sellers should consult their Brokers before trading.