Key Moments
- Robin Energy executed a one-for-15 reverse stock split on Nasdaq, cutting its share count from 8.7m to 600,000.
- The stock price moved from $0.45 before the transaction to $6.93 per share, while the company’s market capitalization stands at $45m.
- Since the start of January, Robin Energy has raised $13.9m via an at-the-market equity program established for up to $75m in common share sales.
Reverse Split Targets Nasdaq Price Threshold
Cyprus-based gas carrier owner Robin Energy has implemented another reduction in its outstanding share count within seven months, aiming to support its stock price on Nasdaq.
The Limassol-headquartered company, led and owned by Petros Panagiotidis, completed a reverse stock split on the Nasdaq exchange in New York on Wednesday at a one-for-15 ratio. As a result, the number of shares in circulation has fallen to 600,000 from 8.7m previously.
The move comes against the backdrop of Nasdaq’s minimum $1 per share requirement for continued listing.
Post-Split Trading Metrics
Following the reverse split, Robin Energy’s share price was at $6.93 per share on Thursday, compared with $0.45 before the transaction. Based on the new share structure and trading level, the company’s market capitalization is $45m.
| Metric | Before Reverse Split | After Reverse Split |
|---|---|---|
| Reverse split ratio | N/A | 1-for-15 |
| Shares outstanding | 8.7m | 600,000 |
| Share price | $0.45 | $6.93 |
| Market capitalization | Not stated | $45m |
Previous Capital Actions and Equity Raise
This latest transaction follows an earlier one-for-five reverse stock split completed in December. After that action, the owner bolstered Robin Energy’s cash position through an ongoing equity offering.
Since the start of January, Robin has secured $13.9m in gross proceeds through an at-the-market (ATM) share sale program. The shares were placed at an average price of $4.31 per share, which represents a premium of 138% to the company’s closing price on 11 March.
The ATM facility was put in place in November and authorizes the sale of up to $75m in common shares.
| ATM Equity Program Details | Figure |
|---|---|
| Total gross proceeds raised since start of January | $13.9m |
| Average issue price per share | $4.31 |
| Premium to closing price on 11 March | 138% |
| Total authorization under ATM program | $75m |
Fleet Disposals and Corporate Background
In addition to its equity activities, Robin Energy divested a 20-year-old 36,700-dwt MR tanker, the Wonder Mimosa (built 2006), for $12.8m. The vessel was sold to an undisclosed unaffiliated buyer.
The ship now sails as the Won under the ownership of Vision Shipping in the Marshall Islands.
Robin was spun off from Panagiotidis’ Toro Corp in April 2025.
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