Rubico Acquires Vessel Company from Top Ships Inc. for $38M
Rubico announced that it has entered into a purchase agreement for the acquisition from Top Ships Inc. of a vessel-owning company which is party to a shipbuilding contract for a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, with expected delivery from the shipyard in the second quarter of 2027 for a purchase price of $38M. Consummation of the purchase and sale of the owner's shares under the SPA is expected to take place no later than March 31, 2026. The company had previously announced that it had entered into a letter of intent providing an exclusivity period during which the company conducted a due diligence process and evaluated the potential transaction. As previously announced, an advance payment of $4M made pursuant to the letter of intent was credited against the purchase price of the newbuilding mega yacht. A special independent committee composed of independent members of the company's board of directors negotiated and approved the acquisition, after obtaining a fairness opinion from an independent financial advisor.
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Rubico Inc. Prices Public Offering of 6.67 Million Units at $0.60 Each
- Public Offering Pricing: Rubico Inc. announced the pricing of its public offering at $0.60 per unit for 6.67 million units, which is expected to generate approximately $4 million in gross proceeds, thereby strengthening the company's capital structure to support future operations and expansion.
- Warrant Structure: Each unit consists of one share of common stock and 1.5 Class B Warrants, which are immediately exercisable at $0.60 per share, likely attracting investor participation and enhancing market liquidity.
- Closing Timeline: The offering is expected to close on January 12, 2026, subject to customary closing conditions, which will provide the necessary funds for the company to address future market challenges.
- Market Reaction Expectations: The offering is being managed by Maxim Group LLC as the sole placement agent, and it is anticipated to enhance Rubico's market position in the shipping industry while providing funding support for its future growth strategy.
Rubico Acquires Vessel Company Linked to New Mega Yacht Contract, Delivery Expected in 2027
- Acquisition Agreement: Rubico has signed an agreement with Top Ships to acquire the company holding the shipbuilding contract for the M/Y Sanlorenzo 1150Exp, with delivery expected in the second quarter of 2027, thereby strengthening its position in the yacht market.
- Completion Timeline: The company anticipates completing the deal by March 31, 2026, demonstrating its commitment to a robust vessel ownership strategy.
- Financial Arrangement: An advance payment of $4 million under a letter of intent will be credited toward the purchase price, ensuring the smooth progression of the transaction.
- Board Approval: An independent committee of Rubico's board has obtained a fairness opinion from an independent financial advisor and approved the acquisition, reflecting the company's focus on long-term growth plans.
