Toro Corp (NASDAQ: TORO) sets $0.90 special dividend with cash or stock option
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Toro Corp. declared a one-time special dividend of $0.90 per common share, payable in either cash or Toro common shares. Shareholders of record at the close of business on May 4, 2026 are eligible, and payment is expected on June 5, 2026.
Shareholders can keep the default all-cash dividend or elect to receive all shares, using a form due by May 22, 2026. The stock portion is valued using a 20-day volume weighted average price of $3.8821 per share through April 21, 2026. Toro may still decide to pay the entire dividend in cash up to the day before payment.
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Insights
Toro announces a flexible $0.90 per share one-time dividend, payable in cash or stock.
Toro Corp. has declared a special dividend of $0.90 per common share, giving investors the option of cash or additional common shares. The share alternative is priced using a 20-day volume weighted average price of $3.8821, linking issuance to a defined market-based value.
The dividend is expected to be taxable to shareholders regardless of whether it is received in cash or stock, which can influence individual preferences. Toro retains the right until June 4, 2026 to switch to an all-cash payout, which could limit share issuance and dilution but maintain the same per-share value distribution.
Election mechanics add administrative steps: shareholders of record on May 4, 2026 must submit election forms by May 22, 2026 through Broadridge or their intermediaries to receive shares instead of cash. Those who do nothing will receive cash, making the all-cash option the practical default for many holders.
Key Figures
Special dividend: $0.90 per common share
VWAP for share election: $3.8821 per share
Record date: May 4, 2026
+2 more
5 metrics
Special dividend
$0.90 per common share
One-time special dividend declared April 22, 2026
VWAP for share election
$3.8821 per share
20-day volume weighted average price through April 21, 2026
Record date
May 4, 2026
Shareholders of record eligible for special dividend
Payment date
June 5, 2026
Expected dividend payment date
Election deadline
May 22, 2026, 5:00 p.m. ET
Deadline for shareholders to elect stock instead of cash
Key Terms
special dividend, 20-day volume weighted average price, record date, forward-looking statements, +1 more
5 terms
special dividend financial
"has declared a one-time, special dividend of $0.90 per common share"
A special dividend is a one-time payment made by a company to its shareholders, usually when it has accumulated excess profits or cash. It is like a bonus or a reward for investors, often signaling that the company has extra funds available. This type of dividend matters because it can indicate a company's financial health or a significant change in its cash situation.
20-day volume weighted average price financial
"based on the 20-day volume weighted average price through April 21, 2026"
record date financial
"payable to the Company’s shareholders of record at the close of business on May 4, 2026"
The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.
forward-looking statements regulatory
"Matters discussed in this press release may constitute forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
safe harbor provisions regulatory
"covered by the safe harbor provisions for forward-looking statements contained in Section 27A"
Safe harbor provisions are rules or legal protections that shield companies or individuals from certain penalties or liabilities when they follow specific guidelines or procedures. They provide a sense of security, encouraging compliance and innovation by reducing the fear of legal repercussions if they act in good faith. For investors, these provisions help ensure that companies are transparent and accountable without the risk of unfair punishment for honest mistakes.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-41561
TORO CORP.
(Translation of registrant’s name into English)
223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F ☒
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Form 40-F ☐
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release issued by Toro Corp. (the “Company”) on April 22, 2026, announcing the declaration of a special dividend.
The information contained in this report on Form 6-K and Exhibit 99.1 attached hereto (other than the section entitled “Management Commentary:”) are hereby incorporated by reference into the Company’s
registration statements on Form F-3 (File Nos. 333-275477 and 333-275478) and Form S-8 (File No. 333-274652 and 333-290645).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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TORO CORP.
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Dated: April 22, 2026
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By:
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/s/ Petros Panagiotidis
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Petros Panagiotidis
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Chairman and Chief Executive Officer
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Exhibit 99.1
Toro Corp. Declares Special Dividend of $0.90 Per Share
Limassol, Cyprus, April 22, 2026 – Toro Corp. (NASDAQ: TORO) (“Toro”, or the “Company”), a global energy transportation provider, today announced that the Company’s board of
directors has declared a one-time, special dividend of $0.90 per common share, consisting of either cash or the Company’s common shares. The dividend is payable to the Company’s shareholders of record at the close of business on May 4, 2026 and is
expected to be paid on June 5, 2026 (the “Dividend Payment Date”).
The Company expects the dividend will be a taxable dividend to shareholders, regardless of whether received in the form of cash or common shares.
For shareholders that wish to receive the dividend all in cash, no further action is required. Alternatively, shareholders can elect to receive the dividend all in common
shares. The number of common shares issued as a result of the dividend will be based on the 20-day volume weighted average price through April 21, 2026 (“20-day VWAP”) of the Company’s common shares, which the Company has determined is equal to
$3.8821 per share. The market value of shares received on the Dividend Payment Date may be greater or less than the 20-day VWAP. The Company reserves the right to determine, at any time up to midnight on June 4, 2026, to pay the dividend entirely in
cash, notwithstanding any elections it has received and without prior notice to shareholders.
An information letter and election form will be mailed to shareholders of record after the record date. The properly completed election form must be received by Broadridge Corporate Issuer Solutions, LLC, the Company’s
transfer agent, prior to 5:00 p.m. Eastern Time on May 22, 2026. If the transfer agent does not receive a valid election form from a shareholder by that time, the dividend on such shareholder’s shares will be paid in cash. Registered shareholders
with questions regarding the dividend election may call Broadridge Corporate Issuer Solutions, LLC at (888) 789-8409. Shareholders who hold their shares through a bank, broker or nominee and have questions regarding the dividend election should
contact such bank, broker or nominee, who will also be responsible for distributing to them the information letter and election form and submitting the election form on their behalf.
About Toro Corp.
Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels. The Company’s fleet comprises two LPG carriers, and two MR tanker vessels,
transporting petrochemical gases and refined petroleum products worldwide.
Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “TORO”.
For more information, please visit the Company’s website at www.torocorp.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, including those related to the anticipated completion and timing of the dividend. We are including this
cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify
forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond our control or precise
estimate. Such risks, uncertainties and other factors include those factors discussed under “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025 and our other filings with the SEC, which can be obtained free of charge
on the SEC’s website at http://www.sec.gov. Except to the extent required by applicable law, we disclaim any intention or obligation to update publicly or revise any forward‐looking statements, whether as a result of new information, future events or
otherwise.
CONTACT DETAILS
For further information please contact:
Investor Relations
Toro Corp.
Email: ir@torocorp.com
FAQ
What special dividend did Toro Corp. (TORO) declare on April 22, 2026?
Toro Corp. declared a one-time special dividend of $0.90 per common share. Shareholders can receive it in cash or Toro common shares, with eligibility based on being a shareholder of record at the close of business on May 4, 2026.
When are the record date and payment date for Toro Corp.’s $0.90 special dividend?
The record date for Toro Corp.’s $0.90 special dividend is May 4, 2026. The dividend is expected to be paid on June 5, 2026, to shareholders of record, either in cash or in common shares depending on each shareholder’s election.
Is Toro Corp.’s $0.90 special dividend taxable if received in stock?
Toro Corp. expects the $0.90 special dividend to be taxable to shareholders whether received in cash or common shares. That means the form of payment does not change the tax status, although individual tax consequences can differ based on each shareholder’s circumstances.
Can Toro Corp. change the form of payment for the $0.90 special dividend?
Toro Corp. reserves the right to pay the entire $0.90 special dividend in cash, regardless of shareholder elections. It can make this decision any time up to midnight on June 4, 2026, without prior notice to shareholders who may have requested stock.