The massive discount to NAV (95%) and the 94% NAV increase are powerful catalysts for a potential re-rating. Traders should watch for the closing of the MR tanker share purchase agreement by September 30, 2026, and any updates on the megayacht divestiture, as these could trigger a narrowing of the discount. The cross-filing context with the 20-F annual report and the actuarial amplifier verdicts suggest this NAV update is a significant event that could drive material price movement.
Price Chart
Executive Summary
Rubico Inc. announced a management estimate of net asset value (NAV) of $183.1 million as of June 30, 2026, a 94% increase from the prior NAV reported on March 2, 2026. The company notes its stock trades at a 95% discount to its fully-diluted NAV per share of $72.22, highlighting a significant gap between market price and asset value. The filing also outlines a newbuilding pipeline including two MR tankers and a megayacht, with a share purchase agreement for one tanker expected to close by September 30, 2026.
Key Facts
- Management estimates NAV of $183.1 million as of June 30, 2026, a 94% increase from the prior NAV.
- NAV per common share is $300.26 on a basic basis and $72.22 on a fully diluted basis.
- The company states it trades at a 95% discount to its fully-diluted NAV.
- Newbuilding pipeline includes two 47,499 dwt MR tankers (delivery Q3/Q4 2029) and a 60-meter megayacht (delivery Q2 2027).
- A share purchase agreement to acquire a shipowning company with one MR tanker newbuilding is expected to close by September 30, 2026.
- The company intends to divest the megayacht to achieve a meaningful equity release.
Financial Impact
Management estimates NAV at $183.1 million, a 94% increase from the prior reported NAV. The company trades at a 95% discount to its fully-diluted NAV of $72.22 per share.
Risk Factors
- The NAV estimate is a management estimate based on third-party broker valuations and is not audited.
- The newbuilding deliveries are years away (2027-2029), and the megayacht divestiture is not guaranteed.
- The company has a history of volatile stock movements and a very small market cap ($2M), making it highly speculative.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-004737 |
| Document: f6k_071626.htm | 0001171843-26-004737 |
| Document: 0001171843-26-004737-index-headers.html | 0001171843-26-004737 |
| Document: 0001171843-26-004737-index.html | 0001171843-26-004737 |
| Document: 0001171843-26-004737.txt | 0001171843-26-004737 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 6-K | $0.1790 | awaiting T+5 | — | $0.1550 (−13.41%) |
Oct 19, 2026 7d ago | 6-K | $0.2138 $0.1548 | ▲ +27.60% | ▲ +27.45% | $0.1550 (+27.50%) |
Oct 19, 2026 7d ago | 424B5 | $0.2138 $0.1548 | ▲ +27.60% | ▲ +27.45% | $0.1550 (+27.50%) |
Oct 15, 2026 11d ago | 6-K | $0.3910 $0.1640 | ▲ +58.06% | ▲ +58.15% | $0.1550 (+60.36%) |
Oct 6, 2026 20d ago | 6-K | $0.6162 $0.3162 | ▼ −48.69% | ▼ −47.71% | $0.1550 (−74.85%) |
Oct 6, 2026 20d ago | Press Release | $0.6541 $0.3788 | ▼ −42.09% | ▼ −41.95% | $0.1550 (−76.30%) |
Sep 25, 2026 4w ago | Press Release | $1.13 $1.08 | ▼ −4.42% | ▼ −4.20% | $0.1550 (−86.28%) |
Sep 21, 2026 5w ago | Press Release | $1.25 $1.13 | ▼ −9.60% | ▼ −8.58% | $0.1550 (−87.60%) |
Sep 17, 2026 5w ago | Press Release | $0.9533 $0.8000 | ▼ −16.08% | ▼ −16.93% | $0.1550 (−83.74%) |
Aug 17, 2026 10w ago | 6-K | $1.88 $1.78 | ▲ +5.32% | ▲ +5.12% | $0.1550 (+91.76%) |
US Market Status
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