ATHENS, GREECE, March 30, 2023 -
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company
specializing in the ownership of vessels, today announced that it has received
written notification from The Nasdaq Stock Market (“Nasdaq”) dated March 27, 2023,
indicating that because the closing bid price of the Company’s common stock for
30 consecutive business days was below the minimum US$1.00 per share bid price
requirement for continued listing on The Nasdaq Capital Market, the Company is
not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq
Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is
180 days, or until September 25, 2023.
The Company intends to monitor the
closing bid price of its common stock during this grace period and will
consider its options in order to regain compliance with The Nasdaq Capital
Market minimum bid price requirement. The Company can cure this
deficiency if the closing bid price of its common stock is US$1.00 per share or
higher for at least ten consecutive business days during the grace period. In
the event the Company does not regain compliance within the 180-day grace
period and it meets all other listing standards and requirements, the Company
may be eligible for an additional 180-day grace period.
The Company intends to cure the
deficiency within the prescribed grace period. During this time, the Company΄s
common stock will continue to be listed and trade on The Nasdaq Capital Market.
The Company΄s business operations are not affected by the receipt of the
notification.
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.
Download:
