c/o Toro Corp.
223 Christodoulou Chatzipavlou Street
Hawaii Royal Gardens
3036 Limassol, Cyprus
Phone number: +357 25 357 768
Authorized to Receive Notices and Communications)
CUSIP No. Y8900D108
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Page 2 of 8 Pages
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1
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NAMES OF REPORTING PERSONS
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Pani Corp.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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The Republic of Liberia
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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10,371,240 (1)
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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8,511,240 (2)
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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10,371,240
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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54.3% (3)
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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CO
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CUSIP No. Y8900D108
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Page 3 of 8 Pages
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1
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NAMES OF REPORTING PERSONS
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Petros Panagiotis Panagiotidis
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Greece
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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10,371,240 (1)(2)(3)
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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8,511,240 (4)
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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10,371,240
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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54.3% (5)
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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CUSIP No. Y8900D108
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Page 4 of 8 Pages
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CUSIP No. Y8900D108
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Page 5 of 8 Pages
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(a)
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The Reporting Persons may be deemed to be the beneficial owner of 10,371,240 Shares, which includes (i) 1,100,000 Restricted Shares, which were granted to Mr. Panagiotidis on September 28, 2023 and
transferred to Pani on October 2, 2023, over which the Reporting Persons hold shared voting power and no dispositive power prior to vesting, and (ii) 760,000 Restricted Shares, which were granted to Mr. Panagiotidis on May 31, 2024
and transferred to Pani Corp. on June 3, 2024, over which Pani Corp. and Mr. Panagiotidis hold shared voting power and no dispositive power prior to vesting. Of the 1,100,000 Restricted Shares granted on September 28, 2023, 500,000
Restricted Shares, 300,000 Restricted Shares and 300,000 Restricted Shares will vest on September 28, 2024, September 28, 2025 and September 28, 2026, respectively. Of the 760,000 Restricted Shares granted on May 31, 2024, 260,000
Restricted Shares, 250,000 Restricted Shares and 250,000 Restricted Shares will vest on May 31, 2025, May 31, 2026 and May 31, 2027, respectively. Pani is controlled by Mr. Panagiotidis. Mr. Panagiotidis may be considered to be a
beneficial owner of the Shares held by Pani by virtue of his control of the equity and voting power of Pani. The Shares held by the Reporting Persons represent approximately 54.3% of the outstanding Shares. Such percentage is
calculated by using a denominator of 19,093,853 Shares, consisting of (a) 18,333,853 Shares outstanding as of May 9, 2024, as disclosed by the Issuer in its earnings press release furnished on Form 6-K with the SEC on May 10, 2024,
plus (b) 760,000 Restricted Shares granted by the Issuer on May 31, 2024. Pelagos Holdings Corp, an entity controlled by Mr. Panagiotidis, also owns 40,000 Series B Preferred Shares of the Issuer. Each Series B Preferred Share has
the voting power of 100,000 Shares.
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(c) |
The response set forth in Item 3 of this Schedule 13D is incorporated by reference in its entirety into this Item 5(c). Except as described herein, the Reporting Persons, and to their knowledge, the Sole
Director, have not effected any transactions in the Shares during the past 60 days.
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(d) |
No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares beneficially owned by the Reporting Persons.
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(e) |
Not applicable.
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CUSIP No. Y8900D108
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Page 6 of 8 Pages
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CUSIP No. Y8900D108
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Page 7 of 8 Pages
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Exhibit
No.
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Description
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CUSIP No. Y8900D108
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Page 8 of 8 Pages
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PANI CORP.
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By:
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/s/ Andreas Avgousti
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Name:
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Andreas Avgousti
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Title:
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Director
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/s/ Petros Panagiotis Panagiotidis | ||||
Petros Panagiotis Panagiotidis |