S-1 · resale registration
Issued 2025
Proposed maximum
Shares registered
- Filed
- Effective
RUBI$1.92+2.13%
Rubico Inc.
Sector: Water TransportationIndustry: Marine ShippingCountry: GRExchange: Nasdaq
Mkt Cap:$1.04M
Float & O/S:
Inst Own:
DilutionScan read 55 of Rubico Inc.'s SEC filings and found 11 warrant series, 5 convertibles, 1 ATM program, 2 equity lines, 1 shelf registration, 7 S-1 registrations and 5 completed offerings on file for RUBI. The latest dilution event on file is ATM sales on Oct 20, 2026. Analysis updated Oct 30, 2026.
Signal8 Summary
RUBI
Four reverse splits, severe dilution underway
- Business
- MixedProfitable, $12.4M op income, but $85.8M debt vs $10.7M cash
- Stock risk
- High$1.1M mcap, 4 reverse splits, overhead supply 4,908% of float
Snapshot
Rubico owns two crude oil tankers and runs a genuinely profitable core business: FY 2025 revenue of $23.5M, a 61% gross margin, $12.4M operating income, and $2.6M net income.
What's Happening Right Now
- : Rubico agreed to issue $9.44M of senior convertible notes and warrants on 25.9M shares to a single institutional investor for $8.5M in proceeds, with an alternate conversion price as low as $0.10, a deeply dilutive structure.
- Fri 16th Oct '26 · Offering: Priced a registered direct offering for $8.50M in gross proceeds (closing not yet reported in the filings reviewed).
- : Rubico extended the deadline for the $3.7M balance on its $6.5M Roman Shark V purchase from related party TOP Ships to October 31, 2026, now optionally payable in Series G Convertible Preferred shares.
- : Rubico closed its related-party purchase of a newbuilding MR tanker SPV from TOP Ships, delivering in Q2 2029 under a seven-year charter, lifting its gross revenue backlog to roughly $374.6M, alongside a 0.50-share stock dividend.
- : Rubico swung to a $1.1M net loss for H1 2026 as revenue fell 19% to $9.7M on drydock costs and off-hire days, with cash of $11.6M against $87.1M of total debt.
- : Rubico entered a new $25M at-the-market share sale agreement with B. Riley Securities, adding to an existing $49.7M equity line, a large overhang relative to its size.
- : Registered $200.00M of securities for sale on Form F-3.
- : Issued warrants over 947K shares.
Raise routes on file: active ATM + effective shelf + effective S-1 + active equity line · latest dilution event 14 days ago
Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need
AI dilution summary
The dominant contractual driver and its mechanism, then each further driver ranked.
Latest dilution event
Oct 20, 2026 · ATM Sale
Every warrant, convertible, ATM and shelf, cited to the filing
A free account reads 3 tickers a day in full
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
Share count and cash history
Shares outstanding, potential dilution and cash over time
Effective
S-1 · resale registration
Issued 2025
Proposed maximum
Shares registered
- Filed
- Effective
S-1 · primary offering
Issued 2025
Proposed maximum
Shares registered
- Filed
- Effective
S-1 · primary offering
Issued 2025
Proposed maximum
Shares registered
- Filed
- Effective
S-1 · resale registration
Issued 2026
Proposed maximum
Shares registered
- Filed
- Effective
S-1 · resale registration
Issued 2026
Proposed maximum
Shares registered
- Filed
- Effective
Class A Warrants (November 2025 Offering) - remaining
Issued 2025
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
November 2025 Representative Warrants
Issued 2025
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
Class B Warrants (January 2026 Offering)
Issued 2026
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
January 2026 Placement Agent Warrants
Issued 2026
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
January 2026 Pre-funded Warrants
Issued 2026
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
Class C Warrants (May 2026 Offering)
Issued 2026
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
Senior Convertible Notes – Initial (First Tranche) Notes issued October 19, 2026
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
Convertible
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
Series G Perpetual Convertible Preferred Shares
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
Series E Perpetual Convertible Preferred Shares
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
Series D Preferred Shares
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
ATM program
Issued 2026
Total capacity
Sold to date
Remaining capacity
- Sales agent
- Agreement date
- Commission
Equity line
Issued 2025
Commitment
Sold to date
Remaining
- Agreement date
- Term ends
- Discount
Equity line
Issued 2026
Commitment
Sold to date
Remaining
- Agreement date
- Term ends
- Discount
F-3 shelf registration
Issued 2026
Total capacity
Remaining
- Filed
- Effective
- Expires
- Baby shelf
Public offering
Issued 2025
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Public offering
Issued 2026
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Public offering
Issued 2026
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Offering
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Registered direct offering
Issued 2026
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Know who's about to sell into your RUBI trade
Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
