New York, May 20, 2026, 14:08 (EDT)
Toro Corp shares ticked up in quiet Nasdaq action Wednesday, with a key deadline only two days away for investors deciding if they’ll take the $0.90 special dividend in stock or in cash.
Toro last traded at $5.30, up 9 cents on the day, as of 13:49 EDT. The stock moved between $5.15 and $5.31 on volume of 36,848 shares.
The next step is the dividend election. Toro said investors who want common stock need to send in their election forms by 5 p.m. Eastern on Friday, May 22. If they don’t, they get cash. Payment is set for June 5.
The stock election uses a $3.8821 volume-weighted average price, or VWAP, measured through April 21. That means at $0.90 a share, shareholders get about 0.232 new shares for each old share that chooses stock, before rounding for fractional shares in cash.
Toro is keeping its options open. The company can still switch the mechanics and pay the whole dividend in cash, no matter if shareholders pick common shares, as long as it decides before midnight on June 4.
Toro, the shipping firm based in Limassol, Cyprus—not the lawn-equipment maker The Toro Company—said it has two LPG carriers and two MR tanker vessels. The ships move petrochemical gases and refined petroleum products. Toro trades on the Nasdaq Capital Market.
Henrik Alex at Seeking Alpha said Toro’s April dividend news “ignited a major momentum rally” in the shares. After the stock surged 70% and traded close to Alex’s new $7 price target, he downgraded Toro to Hold from Buy. Seeking Alpha
Toro CEO Petros Panagiotidis said in April the company kept up its “strategic fleet adjustments” and called its “financial position” robust. The company ended Dec. 31 with $87.4 million in cash, up from $37.2 million a year before. GlobeNewswire
Tanker and LPG names moved higher. Shares of Dorian LPG are up $4.58 at $46.90. Ardmore Shipping picked up 57 cents to hit $19.41. International Seaways put on $2.50 to $85.80 in the latest figures.
The deal isn’t without risk. A high stock election boosts Toro’s share count, but going all-cash cuts out that dilution and hits cash reserves. Low trading volume in the stock can swing the price around. Shipping earnings still depend on charter rates, vessel supply, and demand for fuel products.
Toro’s latest annual results lay out a mixed picture. Vessel revenue from continuing operations dropped 5.8% in 2025 to $21.1 million, but net income from continuing operations nudged higher to $5.6 million. Total net income slumped to $5.9 million, well down from $25.2 million in 2024.
Dividend dates are in focus. The immediate marker is Friday’s election deadline. After that, June 4 is the date if a company opts to go all-cash on the payout, and June 5 is when the payment is set to land.
