ATHENS, GREECE, April 23, 2025 – 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 April 17, 2025, 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 October 14, 2025.
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, specializing in the ownership and operation of dry
bulk vessels and product tankers. The Company is engaged in the seaborne
transportation of bulk commodities, including iron ore, coal, and grain, as
well as refined petroleum products. OceanPal’s fleet is primarily employed on
time charter trips with short to medium duration and spot charters, with a
strategic focus on maximizing long-term shareholder value.
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 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, including
the escalation of the conflict in the Middle East, 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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