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Castor Maritime Inc. Announces Extension of Distribution Date to Proposed Spin-Off of its Tanker Fleet
LIMASSOL, Cyprus, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company,
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announced today that, the distribution to its shareholders of common shares in its newly formed subsidiary Toro Corp. (“Toro”) as part of the spin-off announced on November 16, 2022, will be extended from December 15, 2022. The Company expects the spin-off and distribution to Castor holders of common shares on the record date of December 6, 2022 to occur by mid-January 2023. The new distribution date and any changes to the terms of the distribution and spin-off will be communicated by the Company in due course. This is due to Toro not having, as of yet, obtained declaration of effectiveness of Toro’s registration statement on Form 20-F and the approval of the listing of Toro’s common shares on the Nasdaq Capital Market has yet to be completed. The distribution and spin-off remain subject to (among other things) such effectiveness and approval. There can be no assurance that the distribution or the spin-off will occur or, if they do occur, their terms or timing. 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 incl...