SCHEDULE: Rubico Inc. Major Shareholder Exits 13D Reporting

Family Trading Inc., 3 Sororibus Trust, and Evangelos J. Pistiolis have filed an exit amendment to their Schedule 13D for Rubico Inc., as their beneficial ownership dropped below 5% due to an increase in outstanding shares.

Summary

• The Reporting Persons (Family Trading Inc., 3 Sororibus Trust, and Evangelos J. Pistiolis) have filed Amendment No. 4 to Schedule 13D for Rubico Inc., which serves as their final amendment and exit filing.
• Their beneficial ownership of Rubico Inc.'s Common Shares has fallen below the 5% threshold, a change attributed solely to an increase in the number of Common Shares issued and outstanding by Rubico Inc.
• As of November 14, 2025, Rubico Inc. had 44,108,874 Common Shares issued and outstanding.
• Family Trading Inc. and 3 Sororibus Trust each beneficially own 1,465,359 Common Shares, representing approximately 3.32% of the outstanding shares.
• Evangelos J. Pistiolis beneficially owns 220,564 Common Shares, representing approximately 0.50% of the outstanding shares.
• If deemed a group, the Reporting Persons would collectively own 1,685,923 Common Shares, or approximately 3.82% of the issued and outstanding shares.
• The Reporting Persons ceased to be beneficial owners of more than five percent of Rubico Inc.'s Common Shares as of November 13, 2025.

Sentiment

Score: 6

Explanation: Neutral to slightly positive for Rubico Inc. as the dilution of the reporting persons' stake is due to an increase in outstanding shares, which often implies successful capital raising or strategic growth initiatives. For the reporting persons, it's a neutral exit from 13D reporting obligations.

Positives

• The decrease in the Reporting Persons' percentage ownership is attributed solely to an increase in Rubico Inc.'s issued and outstanding Common Shares, suggesting potential capital raising or growth initiatives by the company.

Negatives

• The Reporting Persons' stake in Rubico Inc. has been diluted, reducing their proportional influence.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from Rubico Inc. management, focusing instead on the change in beneficial ownership by the Reporting Persons.

Industry Context

This filing primarily concerns a change in beneficial ownership by specific investors and does not offer direct insights into broader industry trends or competitive landscape. However, an increase in outstanding shares by Rubico Inc. could indicate a recent capital raise or strategic issuance, which might be a common activity within its industry for growth or operational funding.

Legal Proceedings

• The Reporting Persons confirm that none of them, nor the Trustee, have been convicted in a criminal proceeding (excluding traffic violations) in the last five years.
• The Reporting Persons confirm that none of them, nor the Trustee, have been party to a civil proceeding resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws in the last five years.

Stakeholder Impact

• Shareholders: Existing shareholders of Rubico Inc. have experienced dilution due to the increase in outstanding shares. The exit of a significant beneficial owner (below 5%) might reduce perceived oversight or influence from these specific investors.
• Reporting Persons: They are no longer subject to Schedule 13D reporting requirements for Rubico Inc.

Next Steps

• This Amendment No. 4 is the final amendment to the Existing Schedule 13D and constitutes an exit filing for the Reporting Persons, meaning they no longer have 13D reporting obligations for Rubico Inc.

Key Dates

Recommendation

The filing is an exit amendment for a group of beneficial owners whose stake dropped below 5% due to an increase in Rubico Inc.'s outstanding shares. While this indicates dilution for existing shareholders, the underlying reason (increased outstanding shares) could stem from a capital raise or strategic issuance, which might be positive for the company's growth prospects. Without further details on the purpose of the share issuance or Rubico Inc.'s current financial health, a 'hold' recommendation is appropriate, suggesting investors maintain their current position while awaiting more comprehensive financial updates from the company.

Keywords

Rubico Inc., Schedule 13D, Beneficial Ownership, Shareholder Exit, Common Stock, SEC Filing, Equity Dilution, Family Trading Inc., 3 Sororibus Trust, Evangelos J. Pistiolis