Rubico, a global provider of shipping transportation services specializing in the ownership of vessels, announced it has entered into a letter of intent for the potential acquisition from Top Ships Inc. of a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, with expected delivery in the second quarter of 2027, or the Newbuilding Yacht. The Newbuilding Yacht has a length of 60 meters and a gross tonnage of 1,150 tons with 6 guest cabins and is able to accommodate 12 guests and 15 crew.
The Company will make an advance cash payment of $4.0 million that will be credited against the acquisition price of the Newbuilding Yacht or refunded to the extent the Company does not elect to purchase the Newbuilding Yacht. The exclusivity period under the LOI will expire on March 31st, 2026. Up to that date the Company will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors, and there can be no assurance that potential transaction will be consummated. A special independent committee composed of independent members of the Company’s board of directors will negotiate and approve any potential acquisition pursuant to the LOI.