Why Is Rubico Stock Gaining Friday?

Rubico Inc. (NASDAQ:RUBI) stock rose Friday after the company announced a purchase agreement to acquire a vessel-owning company tied to a new mega yacht contract.

Rubico said it signed the agreement with Top Ships Inc. to buy the company holding the shipbuilding contract for the M/Y Sanlorenzo 1150Exp. The yacht is expected to be delivered in the second quarter of 2027.

Rubico expects to complete the deal by March 31, 2026.

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The company ran due diligence during an exclusivity period. A $4 million advance payment under a letter of intent will be credited toward the purchase price.

Board Approval

A special independent committee of Rubico's board negotiated and approved the acquisition. The committee also obtained a fairness opinion from an independent financial advisor.

Rubico provides global shipping transportation services and specializes in vessel ownership.

The acquired entity is party to the shipbuilding contract for the M/Y Sanlorenzo 1150Exp, linking Rubico to the newbuild project scheduled for 2027 delivery.

Strategic Rationale

Management said the deal supports Rubico's long-term growth plans and strengthens its vessel ownership strategy.

In November, Rubico's board approved a 1-for-30 reverse stock split that will take effect at the opening of trading on December 2, 2025, with shares trading on a split-adjusted basis on Nasdaq under the RUBI symbol.

The company's outstanding common shares will be reduced to about 2.05 million from 61.44 million, excluding fractional shares.

RUBI Price Action: Rubico shares were up 18.69% at $1.27 during premarket trading on Friday, according to Benzinga Pro data.

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