Toro Corp. Proposes Spin-Off of LPG Carrier Business to AI OKTO CORP.

Toro Corp. has announced its intention to spin off its wholly-owned subsidiary, AI OKTO CORP., which operates its LPG carrier business. AI OKTO will become an independent, publicly-traded company on the Nasdaq Capital Market, initially holding two LPG carriers and $45 million in cash contributed by Toro. Toro shareholders will receive AI OKTO shares without any required action. The spin-off is subject to regulatory approvals and the effectiveness of AI OKTO's registration statement.