2023-06-21 08:49:02 ET
TOP Ships ( NASDAQ: TOPS ) said Wednesday it filed a registration statement with the U.S. Securities and Exchange Commission for a potential spinoff of its Rubico subsidiary.
Rubico's initial asset will be the M/T Eco Malibu, a high specification, scrubber-fitted and fuel-efficient 157K dwt Suezmax tanker; the common shares initially would be traded on the OTCQX.
TOP Ships ( TOPS ) said the proposed separation would "yield a new investment opportunity focused on the Suezmax sector while allowing each company to follow its distinct business goals and operational priorities."
A spinoff could allow shareholders to gain additional value by spinning off part of the assets of TOP Ships ( TOPS ) at a potentially higher market valuation, which could result in an improvement in TOP Ships' own market valuation, the company said.
More on TOP Ships:
- Financial and valuation comparison to sector peers
- Analysis: TOP Ships Gets Nasdaq Non-Compliance Notice
- Stock price return: Down 45% YTD, down 91.5% in the past 12 months
For further details see:
TOP Ships proposes spinoff creating new Suezmax tanker company