Rubico (RUBI) Registration filing summary

Company overview and business model

• Operates as a global provider of shipping transportation services, specializing in the ownership and operation of modern, fuel-efficient Suezmax tankers focused on crude oil transport.

• Incorporated in the Marshall Islands, with principal executive offices in Athens, Greece.

• Formed via a spin-off from a former parent company, with a multi-class capital structure including Common Shares and Series D and G Preferred Shares.

• Fleet management is handled by a related party, Central Shipping Inc., under long-term agreements with performance incentives and annual fee adjustments.

• Business strategy emphasizes opportunistic, sector-agnostic vessel acquisitions and expansion into other seaborne transportation sectors.

Financial performance and metrics

• As of April 20, 2026, 767,786 Common Shares are outstanding, with 767,066 held by non-affiliates.

• Capitalization as of December 31, 2025, includes $86.5 million in total debt (as adjusted), $4.9 million in mezzanine equity, and $117 million in total stockholder's and mezzanine equity (as further adjusted for the offering).

• Recent financings include $14.4 million from an equity line and $3.4 million from a January 2026 offering.

Use of proceeds and capital allocation

• May receive up to $50 million in gross proceeds from the equity facility, with estimated net proceeds of $49.2 million after fees and expenses.

• Proceeds intended for general corporate purposes, including working capital, debt repayment, construction of new vessels (MR Tanker and megayacht), and fleet expansion.

• Management retains significant discretion over allocation of proceeds, with no specific allocation determined at this time.