Pani Corp. Increases Stake in Toro Corp. to 74.2% via Special Stock Dividend

Pani Corp. and Petros Panagiotis Panagiotidis filed Amendment No. 6 to their Schedule 13D for Toro Corp. (TORO) to report an increase in beneficial ownership. On June 5, 2026, Pani Corp. received 4,827,279 common shares as a result of electing to receive a one-time special dividend of $0.90 per share in stock rather than cash. The shares were valued at $3.8821 per share based on a 20-day volume-weighted average price. Following this transaction, the reporting persons beneficially own 25,649,485 shares, representing approximately 74.2% of the issuer's outstanding common shares. This total includes various tranches of restricted shares, some of which remain subject to vesting schedules. Mr. Panagiotidis, as the sole shareholder of Pani Corp., may be deemed to have shared voting and dispositive power over these securities. Additionally, Pelagos Holdings Corp, also controlled by Mr. Panagiotidis, holds 40,000 Series B Preferred Shares, each carrying the voting power of 100,000 common shares.