Toro Corp Declares $0.90 Special Dividend, Election by May 22
Toro Corp’s board declared a one-time special dividend of $0.90 per share payable June 5 to shareholders of record as of May 4. Elective in cash or common shares based on a 20-day VWAP of $3.8821, election forms must be submitted by May 22 or cash will be default.
1. Special Dividend Details
Toro Corp’s board approved a one-time special dividend of $0.90 per common share, payable June 5 to holders of record as of May 4. Shareholders may receive payment in cash or in newly issued common shares at their election.
2. Election Process and Timing
Shareholders wishing to receive shares must submit a completed election form by 5:00 p.m. Eastern Time on May 22 to the transfer agent. The number of shares issued will be based on the 20-day VWAP through April 21 of $3.8821 per share, with cash as the default if no valid election is received.
3. Tax Implications and Corporate Rights
The dividend will be taxable to recipients regardless of form. Toro Corp reserves the right, up to June 4 at midnight, to pay the dividend entirely in cash despite any prior elections.