Castor Maritime Inc. Announces Extension of Distribution Date to Proposed Spin-Off of its Tanker Fleet
LIMASSOL, Cyprus, Dec. 14, 2022 (GLOBE NEWSWIRE) — Castor Maritime Inc. (NASDAQ:CTRM), (“Castor” or the “Company”), a diversified global shipping company, announced today that, the distribution to its shareholders of common shares in its newly formed subsidiary Toro Corp. (“Toro”) as part of the spin-off announced on November 16, 2022, will be extended from December 15, 2022. The Company expects the spin-off and distribution to Castor holders of common shares on the record date of December 6, 2022 to occur by mid-January 2023. The new distribution date and any changes to the terms of the distribution and spin-off will be communicated by the Company in due course. This is due to Toro not having, as of yet, obtained declaration of effectiveness of Toro’s registration statement on Form 20-F and the approval of the listing of Toro’s common shares on the Nasdaq Capital Market has yet to be completed. The distribution and spin-off remain subject to (among other things) such effectiveness and approval. There can be no assurance that the distribution or the spin-off will occur or, if they do occur, their terms or timing.
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