OP News & Events

OceanPal's board of directors has determined to effect a one-for-twenty-five reverse stock split of the Company's common shares, par value $0.01 per share. The Company's shareholders approved the reverse stock split at the Company's annual meeting of shareholders held on May 20, 2025. The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis on NASDAQ, as of the opening of trading on August 25, 2025, under the existing trading symbol "OP". The CUSIP number of Y6430L301 will be assigned to the Company's common shares when the reverse stock split becomes effective. When the reverse stock split becomes effective, every twenty-five of the Company's issued common shares will be combined into one issued common share, without any change to the par value per share and without any change in the total number of authorized common shares. The number of outstanding common shares will be reduced from approximately 167,402,561 shares to approximately 6,696,102 shares.

Reports 1H revenue $6.2M vs. $12.4M last year

OceanPal announced the pricing of its upsized public offering of 10,975,600 units at a public offering price of $1.64 per unit. Each unit consists of one common share and one warrant to purchase one common share. Each Warrant will expire three years from the issuance, will be immediately exercisable upon issuance at an initial exercise price equal to 225% of the public offering price, subject to adjustment on the First Reset Date and the Second Reset Date and subject to a floor price therein. The warrants may also be exercised on a zero cash exercise option pursuant to which the holder may exchange each warrant for two common shares. Gross proceeds to the Company, before deducting placement agent's fees and other offering expenses, are expected to be approximately $18M. The offering is expected to close on July 22, subject to the satisfaction of customary closing conditions. Maxim Group is acting as sole book-running manager in connection with the offering.