On December 23, 2025, Toro Corp. (the “Company” or “Toro”) and Castor Maritime Inc. (“Castor”) agreed to amend the terms of (1) Castor’s 5.00% Series D Cumulative Perpetual Convertible Preferred Shares, par value $0.001 per share (the “Castor Series D Preferred Shares”), held by a wholly-owned subsidiary of Toro and (2) Toro’s 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the “Toro Series A Preferred Shares”), held by a wholly-owned subsidiary of Castor, in each case to extend the initial conversion date by one-year, which shall be to January 1, 2027 in the case of the Castor Series D Preferred Shares and March 7, 2027 in the case of the Toro Series A Preferred Shares.

Castor is a public company listed on the Nasdaq Capital Market. Castor’s Chairman, Chief Executive Officer and Chief Financial Officer, is also the Company’s Chairman and Chief Executive Officer. The foregoing amendments to the terms of the preferred shares were approved by the board of directors of Toro and Castor at the recommendation of their respective special committees of disinterested and independent directors who negotiated the amendments.