Toro Corp. announced the proposed spin-off of its wholly-owned subsidiary AI OKTO CORP., which will operate as an independent, publicly-traded company on the Nasdaq Capital Market. The initial assets transferred to AI OKTO include two LPG carriers, the LPG Dream Arrax and LPG Dream Vermax, along with $45 million in cash contributed by Toro. Toro shareholders will receive shares in AI OKTO without taking action or paying consideration, with fractional shares sold for net cash distribution. Petros Panagiotidis, Toro’s Chairman and CEO, will assume the same roles at AI OKTO. The transaction requires approval from Toro’s Board of Directors and effectiveness of AI OKTO’s Form 20-F registration statement. This strategic separation aims to create a pure-play LPG entity leveraging an AI-enabled operating model. Toro Corp. is a global energy transportation services provider operating a modern fleet of oceangoing vessels.