TORO · Toro Corp.

Toro Corp. announced a special dividend of $0.90 per common share, payable on June 5, 2026 to shareholders of record as of May 4, 2026. Shareholders have the option to receive the dividend entirely in cash or entirely in common shares, with cash being the default if no election is made. The number of shares issued for the stock election will be based on a value of $3.8821 per share, determined by the 20-day volume-weighted average price through April 21, 2026. The election deadline is May 22, 2026 at 5:00 PM Eastern. Notably, the company reserves the right to pay the dividend entirely in cash up to midnight on June 4, 2026, overriding any stock elections. The dividend is expected to be treated as qualified dividend income for non-corporate U.S. shareholders, subject to applicable limitations. This special dividend returns capital to shareholders and provides flexibility in the form of payment.