Top Ships Inc. shares surge 61.06% intraday after announcing plans to spin off Rubico as an independent company on Nasdaq.

Top Ships Inc. surged 61.06% intraday, as the company announced plans to spin off Rubico as an independent publicly traded company, expected to attract investor attention. Each shareholder will receive one share of Rubico for every two shares of Top Ships held, directly increasing potential returns for shareholders. Rubico is set to list independently on the Nasdaq, boosting overall valuation expectations for Top Ships.