TOP Ships to spin off new Nasdaq-listed suezmax tanker company

Greece’s tanker shipowner TOP Ships Inc. intends to effect a spin-off of two of its suezmax tanker vessels.

The subsidiary of TOP Ships, Rubico Inc., would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off, TOP Ships said in a SEC filing on June 4.

The initial assets of Rubico will be the 2021-built, 157,286-dwt scrubber-fitted suezmax tankers, Eco Malibu and Eco West Coast.

The US-listed TOP Ships, after the announcement of its intention to spin off the new Nasdaq-listed suezmax tanker company, said that Rubico will file a registration statement with the securities and exchange commission in connection with the proposed spin-off.

As it is reported, the transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico’s common shares on the Nasdaq Capital Market.

^{Photo credit: TOP Ships}

“There can be no assurance that the transaction will occur or, if it does occur, of its