TOP Ships Inc., an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, announced today that the application of Rubico Inc. (“Rubico”), to list its common shares on the Nasdaq Capital Market has been approved. In addition, the registration statement on Form 20-F filed by Rubico in connection with its spin-off from Top Ships Inc has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”).

The distribution of Rubico common shares to securityholders of TOP Ships is expected to be made within July 2025. TOP Ships will announce the distribution date via a future press release.

Rubico common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on the first trading day after the date of distribution, under the ticker “RUBI”.

As previously announced, TOP Ships intends through Rubico to effect a spin-off of two of its vessels, the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025.
Source: TOP Ships Inc.