Robin Energy Sets 1-for-75 Reverse Stock Split as It Seeks to Meet Nasdaq Requirements
Key Facts
Robin Energy’s board has set a 1-for-75 reverse stock split, according to a U.S. Securities and Exchange Commission filing dated November 9, in a move the company said would give it flexibility to maintain compliance with Nasdaq’s continued listing requirements, including the minimum bid price. The split remains subject to Nasdaq approval, with adjusted trading expected to begin at the market open on November 24. The decision follows an earlier 1-for-15 reverse split, with adjusted trading under that split beginning in July. The company’s shares closed at $0.1287 on November 10, compared with $0.1281 at the previous session’s close. This month’s developments bring together the split decision and a special cash distribution the company announced days earlier, but each has separate timing and procedures.
Shareholders had authorized the board in writing to choose a split ratio ranging from 1-for-2 to 1-for-75, provided the aggregate ratio did not exceed 1-for-75. The board selected the top end of the range, according to the company’s filing. Robin Energy said the authorization allows it to maintain compliance with Nasdaq’s continued listing requirements, including the minimum bid price. The company added that a higher share price could increase investor interest and trading liquidity. The company did not say the split would guarantee an increase in the total value of shareholders’ investments, and its expected timing remains subject to Nasdaq approval.
The decision was preceded by a one-time special cash distribution of $0.10 per share, which the company announced on November 2, before the split filing. The company set November 16 as the record date for eligible shareholders and expected to pay the amount around November 20. It said the distribution’s value exceeds 25% of the trading price at the time of the announcement, so Nasdaq informed the company that the stock would be subject to a “due bills” mechanism from November 16 through the close of trading on November 20. Trading without the distribution is scheduled to begin on November 23. Under this arrangement, the due bills period falls before the ex-distribution date, while the expected payment date coincides with its end.
The “due bills” mechanism determines entitlement to the distribution based on trading in the shares during the specified period. According to the company, anyone who buys the shares during this period is entitled to the distribution, while a seller who sells during it does not retain the right to it, even if the trade settles after the period ends. The announced record date remains part of the distribution schedule, but the company clarified that trades during the “due bills” period are subject to this special rule. This means entitlement to the amount during this window cannot be determined from the record date alone. The company disclosed the mechanism alongside the distribution dates, not as part of the split decision.
The new move follows Robin Energy’s implementation of a 1-for-15 reverse split in July 2026, with adjusted trading on Nasdaq beginning at the market open on July 9. The newly set 1-for-75 split has not yet taken effect, as its implementation depends on Nasdaq approval. An earlier company filing shows a wide range in closing prices since its spin-off: from $1,050 on June 13, 2025, to $1.94 on October 15, 2026, after prices were adjusted to account for both reverse splits. On October 30, 2026, there were 48,243,450 issued and outstanding common shares. The company says its fleet will comprise three liquefied petroleum gas carriers once a previously announced acquisition is completed, according to the distribution filing.