TORO CORP. DL -,001 Aktie

Toro announces the spin-off of its liquefied petroleum gas (LPG) tanker business into a newly formed company, AI Okto Corp., to be listed on the Nasdaq Capital Market. AI Okto will receive two LPG tankers (LPG Dream Arrax, LPG Dream Vermax) and $45 million in seed capital; Toro shareholders are to receive the shares for free. AI Okto will operate solely as an LPG tanker operator with an AI-driven business model, after which Toro shares rose sharply in pre-market trading. » More on de.investing.com

Toro will spin off its LPG carrier business into an independent company to be listed on the Nasdaq called AI Okto. AI Okto is to receive two LPG carriers and $45 million in cash from Toro; shareholders do not need to take any action and will not receive fractional shares. Petros Panagiotidis will serve as chairman and CEO of AI Okto; the transaction is subject to the effectiveness of the Form 20-F registration and Nasdaq listing approval. » More on de.investing.com