Toro Ascends 25% In Morning Trade

(RTTNews) - Shares of Toro Corp. (TORO) are rising more than 25% Tuesday morning at $4.09.

Monday, the company said it entered into a subscription agreement with Pani Corp., a company controlled by Toro's Chairman and Chief Executive Officer, to issue and sell 8.5 million shares of Toro for $2.29 per share.

Toro plans to use the net proceeds of about $19.47 million for vessel acquisitions, including to renew its fleet, and for other capital expenditures, working capital, and general corporate purposes

TORO has traded in the range of $1.42-$26.00 in the last 52 weeks.