Highlights

  • AI OKTO declared a one-time Special Dividend of US$3.50 per share, payable in cash or shares around 25 November.
  • The company agreed to sell LPG carrier Dream Arrax for US$18 million to a Robin Energy subsidiary, a related party.
  • Toro Corp. completed the spin-off on 8 October 2026, distributing one AI OKTO share for every eight Toro shares.
  • Time charter Revenue for the six months to 30 June 2026 was about US$4.2 million, with Net Income near US$0.19 million.

Weeks after starting life as a standalone listed company, AI OKTO Corp. (NASDAQ:AIOK) has moved to return Capital and shrink its fleet. On 23 October 2026, the Limassol, Cyprus-based LPG carrier owner declared a one-time special dividend of US$3.50 per common share and agreed to sell one of its two vessels, the Dream Arrax, for US$18 million.

The company was spun off from Toro Corp. on 8 October 2026, and its common shares began trading on the Nasdaq Capital Market the following day.

Special Dividend Offers Cash or Stock

Shareholders of record at the close of Business on 2 November 2026 can elect to receive the dividend in cash or in common shares, with payment expected on or about 25 November 2026. Stock entitlements are based on a five-day volume-weighted average price of about US$4.52 per share through 22 October 2026. Holders who do not submit a valid election by 19 November 2026 will receive cash, and the company may choose to pay the entire dividend in cash.

Because the dividend exceeds 25% of the trading price, Nasdaq requires the shares to trade with due bills from 2 November through 25 November 2026, and the ex-dividend date is expected on 26 November 2026.

Fleet Set to Shrink to a Single Carrier

The Dream Arrax, a 2015-built 5,000 cbm LPG carrier, is being sold to a wholly owned Subsidiary of Robin Energy Ltd., a Nasdaq-listed company controlled by Chairman and Chief Executive Officer Petros Panagiotidis. Special committees of independent directors at both companies negotiated the terms, which both boards then approved. Delivery is expected in Q4 2026, subject to customary closing conditions, after which AI OKTO will operate one 5,000 cbm LPG carrier transporting petrochemical gases.

Mr. Panagiotidis holds firm control. Pani Corp., which he controls, reported beneficial ownership of 3,336,185 shares, or 77.2% of the class, including 130,000 shares bought on the open market on 23 October 2026. Another entity he controls holds Series B Preferred Shares carrying 100,000 votes each.

Spin-Off Structure and Financial Starting Point

Under the spin-off, Toro holders received one AI OKTO share for every eight Toro shares held on the 1 October 2026 record date. Toro retained 5,000,000 Series A convertible preferred shares with a US$25.0 million aggregate stated amount and contributed US$45.0 million in cash for working capital. AI OKTO has no outstanding Debt after its vessel-owning subsidiaries were released from a revolving Credit Facility on 9 September 2026.

For the six months ended 30 June 2026, the predecessor Carve-Out business reported time charter revenue of US$4.21 million, down from US$7.53 million a year earlier after two vessels were sold in 2025, and net income of US$0.19 million. Contracted time charter revenue for the 12 months to 30 June 2027 was about US$4.58 million.