05:52 PM EDT, 06/26/2025 (MT Newswires) -- TOP Ships ( TOPS ) , an operator of ocean-going vessels, said Thursday that Rubico, its spin-off entity, received approval to list its shares on the Nasdaq Capital Market.

TOP Ships ( TOPS ) previously announced it intends to effect a spin-off of two of its vessels through Rubico. As part of that transaction, TOP Ships ( TOPS ) plans to distribute 100% of Rubico's shares pro rata to its securityholders. The distribution date is likely to be in July.

Rubico's common shares are expected to begin trading under the ticker symbol "RUBI" on the first trading day after the distribution date.

Shares of the parent company rose over 2% in after-hours activity.