Earlier this week, I wrote about TOP Ships (TOPS) spinoff of Rubico (RUBI). At the time, shareholders were in limbo as while the ex-distribution date had been set as June 16, 2025, the distribution date had not been set. The company merely had suggested it would be in July. TOP missed that projection, by one day, announcing this morning that Rubicon stock would be distributed on August 1, 2025 and begin trading on the Nasdaq under the RUBI ticker on August 4, 2025.
There is no other new information available, and as previously noted, TOP Ships shareholders as of June 16 will receive one share of Rubico for every two shares of TOP Ships owned. TOP is itself a tiny company with a market cap of just under $27 million, and the spinoff should be even tinier. These are of a size that almost all funds and most individual investors avoid. Shipping is a volatile business as well and it is hard to predict the direction these two stocks will go. For most investors, it would probably be better to stay out of the water.
Disclosure: The author holds no position in any stock mentioned