ATHENS,
GREECE, December 21, 2022 – OceanPal Inc. (NASDAQ: OP) (the “Company”),
a global shipping company specializing in the ownership of vessels, announced
today that the Company is amending the date for its previously announced reverse
stock split, which was to be effective as of the opening of trading on December
21, 2022, due to the delay in a necessary regulatory approval outside of the
Company’s control, and which approval has now been obtained. 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 December 22,
2022, under the existing trading symbol “OP”. The CUSIP number of Y6430L 160
will be assigned to the Company΄s common shares when the reverse stock split
becomes effective. The CUSIP number of Y6430L 152 will be assigned to the
Company’s Class A Warrants when the reverse stock split becomes effective.
When
the reverse stock split becomes effective, every ten 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
101.8 million shares to approximately 10.2 million shares.
No
fractional shares will be issued in connection with the reverse stock split.
Shareholders who would otherwise hold a fraction of a common share of the
Company will receive a cash payment in lieu thereof at a price equal to that
fraction of a share to which the shareholder would otherwise be entitled,
multiplied by the closing price of the Company΄s common shares on NASDAQ on December
21, 2022.
Shareholders
with shares held in book-entry form or through a bank, broker, or other nominee
are not required to take any action and will see the impact of the reverse
stock split reflected in their accounts on or after December 22, 2022. Such
beneficial holders may contact their bank, broker, or nominee for more
information.
The
purpose for seeking shareholder approval to effect the reverse stock split was to
increase the per share trading price of the Company΄s common stock, which the Company
expects will satisfy the minimum bid price requirement for continued listing on
NASDAQ.
About
the Company
OceanPal
Inc. is a global provider of shipping transportation services through its
ownership of vessels. The Company’s vessels currently transport a range of dry
bulk cargoes, including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes and it is expected that the Company’s
vessels will be primarily employed on short term time and voyage charters
following the completion of their current employments.
Forward
Looking Statements
Matters
discussed in this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-looking
statements include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements.
The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar expressions
identify forward-looking statements.
The
forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, Company management’s examination of historical
operating trends, data contained in the Company’s records and other data
available from third parties. Although the Company believes that these
assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies that are difficult or
impossible to predict and are beyond the Company’s control, the Company cannot
assure you that it will achieve or accomplish these expectations, beliefs or
projections.
In
addition to these important factors, other important factors that, in the
Company’s view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the severity, magnitude and
duration of the COVID-19 pandemic, including impacts of the pandemic and of
businesses’ and governments’ responses to the pandemic on our operations, personnel,
and on the demand for seaborne transportation of bulk products; the strength of
world economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand for dry bulk
shipping capacity, changes in the Company’s operating expenses, including
bunker prices, drydocking and insurance costs, the market for the Company’s
vessels, availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and international
political conditions, including risks associated with the continuing conflict
between Russia and Ukraine and related sanctions, potential disruption of
shipping routes due to accidents or political events, vessel breakdowns and
instances of off-hires and other factors. Please see the Company’s filings with
the U.S. Securities and Exchange Commission for a more complete discussion of
these and other risks and uncertainties. The Company undertakes no obligation
to revise or update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information, future
events or otherwise.
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