Pani Corp. Increases Stake in Toro Corp. to 72.2% via Open Market Purchases

Pani Corp. and Petros Panagiotis Panagiotidis filed Amendment No. 5 to their Schedule 13D for Toro Corp. (TORO) on April 24, 2026. The filing reports the open-market purchase of 2,315,971 common shares between April 22 and April 24, 2026, for a total consideration of approximately $14.25 million. Following these transactions, the reporting persons beneficially own 20,822,206 shares, representing 72.2% of the company's outstanding common stock, an increase from the 64.1% previously reported. The purchases were funded by personal funds of Mr. Panagiotidis through entities he controls. The total holdings include various tranches of restricted shares, some of which are subject to future vesting schedules through 2028. Additionally, Pelagos Holdings Corp, another entity controlled by Mr. Panagiotidis, holds 40,000 Series B Preferred Shares, which carry significant voting power (100,000 votes per share). Mr. Panagiotidis maintains shared voting and dispositive power over the common shares held through Pani Corp. by virtue of his control over the entity.