AI OKTO Declares $3.50 Per-Share Special Distribution and Sells Carrier for $18 Million
Key Facts
AI OKTO approved a one-time special distribution of $3.50 per share, in cash or common shares, alongside an agreement to sell the LPG carrier Dream Arrax for $18 million. The company announced both decisions on October 23, 2026, combining a return of capital to shareholders with a reduction in its LPG carrier fleet. The company said the distribution would be payable to shareholders of record at the close of business on November 2, with payment expected on or about November 25. It also said delivery of the vessel to the buyer was expected in the fourth quarter of 2026, subject to customary closing conditions. EL7 data show AIOK closed at $9.65 on November 13, 2026.
Shareholders may elect to receive the distribution in common shares instead of cash. The number of shares will be calculated using the volume-weighted average price over the five days through October 22, which was $4.5159 per share. To make that election, shareholders must deliver a completed election form to the transfer agent before 5 p.m. Eastern time on November 19. If a shareholder does not submit the form by the deadline, the distribution will be paid in cash. The company said it expects the distribution to be taxable whether received in cash or shares. Thus, the form of the distribution depends on each shareholder’s election by the deadline, while the company expects it to be taxable in either case, according to its disclosure.
Nasdaq said the shares would trade with due bills, or the distribution entitlement, from the November 2 record date through the close of trading on November 25. November 26 was expected to be the ex-distribution date. According to the notice, the due-bill trading period runs through the specified close of trading on November 25, while the record date identifies the shareholders entitled to the distribution. The company said payment was scheduled for on or about November 25. These dates matter in determining shareholder eligibility and the form of distribution elected, particularly for those who requested shares.
The sale agreement covers Dream Arrax, built in 2015 with a capacity of 5,000 cubic meters, which the company agreed to sell to a wholly owned subsidiary of Robin Energy. AI OKTO’s chairwoman and chief executive control Robin Energy, making the buyer a related party. AI OKTO said the boards of both companies approved the transaction following negotiations and a recommendation from special committees made up of independent, disinterested directors. Delivery of the vessel is scheduled for the fourth quarter of 2026, with closing subject to customary conditions. After the sale closes, the company said its fleet will consist of one LPG carrier with a capacity of 5,000 cubic meters.
The new distribution follows a special distribution of $0.90 per share announced by the company in April 2026, with a cash or share option; it was paid on June 5 to shareholders of record on May 4. In its disclosure for the first half of 2026, the company said vessel revenue was $4.2 million, compared with $7.5 million in the corresponding period of 2025. It attributed the decline mainly to a reduction in fleet availability days to 362 from 678, following the sale of the carriers Dream Syrax and Dream Terrax in September 2025. Despite lower revenue, net income from fleet operations rose to $187,798 in the first half of 2026, from $70,734 in the corresponding period of 2025. AI OKTO was established upon completion of the LPG carrier business spin-off on October 8, 2026, with a fleet of two carriers and $45 million in cash, and distributed its shares to Toro shareholders at a ratio of one share for every eight Toro shares.
The company said in its disclosure that cash and cash equivalents totaled $62.9 million, with no outstanding debt, on October 15, 2026. It also expected to receive the remaining balance due from Toro by the end of the fourth quarter of 2026. In trading, Investing.com reported that AI OKTO shares rose 144.2% in morning trading on October 23 following the announcement of the distribution and sale; this reflects price action during that morning session. EL7 data show the shares closed at $9.65 on November 13, weeks after the two announcements. Delivery of Dream Arrax is expected in the fourth quarter, while distribution payment was scheduled for on or about November 25.