Castor Maritime Inc. Announces Record Date for the Proposed Spin-Off of its Tanker Fleet
February 02 2023 - 4:15PM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
diversified global shipping company, announced today that, in
relation to the previously announced spin-off of its wholly owned
subsidiary, Toro Corp., the record date has been revised to
February 22, 2023, and the Company now expects to complete the
distribution of Toro Corp. common shares in March 2023.
Additional information regarding Toro Corp. and
the proposed spin-off transaction may be found in Toro Corp.’s
amended registration statement on Form 20-F filed with the
Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934. The proposed distribution and spin-off remain
subject to, among other things, the registration statement on Form
20-F being declared effective and the approval of the listing of
Toro’s common shares on the Nasdaq Capital Market, which has not
yet occurred. There can be no assurance that the distribution or
the spin-off will occur or, if they do occur, of their terms or
timing. A copy of the registration statement on Form 20-F is
available at www.sec.gov. The information in the filed registration
statement on Form 20-F is not final and remains subject to
change.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
Castor owns a fleet of 30 vessels, with an
aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7
Kamsarmax and 12 Panamax dry bulk vessels, 1 Aframax, 5
Aframax/LR2, 2 Handysize tankers and 2 2,700 TEU containership
vessels.
For more information please visit the Company’s
website at www.castormaritime.com. Information on our website does
not constitute a part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”)
and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements, which
are other than statements of historical facts. We are including
this cautionary statement in connection with this safe harbor
legislation. The words “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management’s examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these forward-looking statements, including these
expectations, beliefs or projections. We undertake no obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise. In addition to these
important factors, other important factors that, in our view, could
cause actual results to differ materially from those discussed in
the forward‐looking statements include the effects of the proposed
spin-off transaction, our business strategy, dry bulk and tanker
market conditions and trends, the rapid growth of our fleet, our
relationships with our current and future service providers and
customers, our ability to borrow under existing or future debt
agreements or to refinance our debt on favorable terms and our
ability to comply with the covenants contained therein, our
continued ability to enter into time or voyage charters with
existing and new customers and to re-charter our vessels upon the
expiry of the existing charters, changes in our operating and
capitalized expenses, our ability to fund future capital
expenditures and investments in the acquisition and refurbishment
of our vessels, instances of off-hire, future sales of our
securities in the public market and our ability to maintain
compliance with applicable listing standards, volatility in our
share price, potential conflicts of interest involving members of
our board of directors, senior management and certain of our
service providers that are related parties, general domestic and
international political conditions or events (including “trade
wars”, global public health threats and major outbreaks of
disease), changes in seaborne and other transportation, changes in
governmental rules and regulations or actions taken by regulatory
authorities, and the impact of adverse weather and natural
disasters. Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks
and uncertainties. The information set forth herein speaks only as
of the date hereof, and we disclaim any intention or obligation to
update any forward‐looking statements as a result of developments
occurring after the date of this communication.
CONTACT DETAILS
For further information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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