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Toro Corp. Announces Full Redemption of Castor Maritime Inc.'s Series E Preferred Shares

Strategic Insights

— 1 min read

Toro Corp. has announced the full redemption of 60,000 shares of Castor Maritime Inc.'s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares at a cash consideration equal to the stated amount of the shares plus 0.523% thereof, including accrued and unpaid distributions. This redemption was approved by the board of directors of both companies at the recommendation of their respective special committees of disinterested and independent directors who negotiated the redemption. The transaction involves a global energy transportation services provider operating a modern fleet of oceangoing vessels, transporting petrochemical gases and refined petroleum products worldwide.

Key Takeaways:

  • Toro Corp. has fully redeemed 60,000 shares of Castor Maritime Inc.'s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares at a cash consideration of the stated amount of the shares plus 0.523% thereof, including accrued and unpaid distributions.
  • The redemption was approved by the board of directors of both Toro Corp. and Castor Maritime Inc. at the recommendation of their respective special committees of disinterested and independent directors who negotiated the redemption.
  • Castor Maritime Inc. (NASDAQ: CTRM) is a public company listed on the Nasdaq Capital Market, and its Chairman, Chief Executive Officer, and Chief Financial Officer is also the Chairman and Chief Executive Officer of Toro Corp.
  • Toro Corp. operates a modern fleet of oceangoing vessels, comprising two LPG carriers and two MR tanker vessels, transporting petrochemical gases and refined petroleum products worldwide.
  • The Company's common shares trade on the Nasdaq Capital Market under the symbol "TORO".

Statistics:

  • 60,000 shares of Castor Maritime Inc.'s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares were redeemed.
  • The cash consideration for the redemption is equal to the stated amount of the shares plus 0.523% thereof, including accrued and unpaid distributions.
  • The redemption was approved by the board of directors of both Toro Corp. and Castor Maritime Inc.
  • Toro Corp. operates a fleet of 2 LPG carriers and 2 MR tanker vessels.

Sources:

  • Toro Corp.'s press release, October 15, 2025.
  • Nasdaq, Castor Maritime Inc., as listed on the Nasdaq Capital Market, under the symbol "CTRM".
  • Toro Corp.'s website, at www.torocorp.com.

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