ATHENS, GREECE – Monday December 1, 2025 – OceanPal Inc. (“OceanPal”, “SVRN”, or “the
Company”, NASDAQ: SVRN) today announced that the board of directors of the
Company (the “Board”) has authorized the repurchase of up to $10 million USD of
SVRN’s outstanding common stock by utilizing premiums generated from the
Company΄s options strategy. This program demonstrates the Board’s and the
Company’s newly combined management team’s conviction in SVRN΄s recently announced shift in strategy and ongoing commitment to generating
shareholder value.
OceanPal’s Co-CEO, Robert Perri, commented on the news, “Establishing
this repurchase program reflects our conviction in the future of our business
and the intrinsic value of our stock. Our strong balance sheet and the recent
PIPE transaction provide us with the flexibility we need to capitalize on
several long-term growth opportunities, particularly as we pursue the large and
expanding opportunity related to AI-cloud infrastructure.”
Commencing on December 1st, 2025, SVRN may
repurchase up to $10 million USD of outstanding common stock.
OceanPal’s recently appointed Co-CEO, Sal Ternullo, concluded, “The
launch of SovereignAI marks a definitive strategic evolution for our
shareholders. Unlike vehicles that offer passive exposure, our operating model
enables us to utilize active management approaches including options strategies
which provide yield opportunities not accessible through passive vehicles. We are excited to announce the repurchase
program today to continue delivering value for our shareholders.”
About SovereignAI
SovereignAI (“SVRN”) is a wholly owned subsidiary of OceanPal Inc.
(NASDAQ: SVRN) formed to implement the company’s digital asset treasury
strategy, and developer of confidential AI infrastructure offering a superior
path to get exposure to the intersection of AI and blockchain in the public
markets. SVRN will use NEAR Protocol’s purpose-built technology to establish
private, user-owned agentic commerce. Funds generated by SVRN’s holistic
treasury management strategy of NEAR tokens will be used to further the
Company’s goal of building unique blockchain-native AI infrastructure.
To learn more about SVRN, please visit: https://www.svrn.net/
About OceanPal Inc.
OceanPal Inc. is a global provider of shipping transportation services,
specializing in the ownership and operation of dry bulk vessels and product
tankers. OP 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.
Media Contact: svrn@mgroupsc.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains statements that
constitute “forward-looking statements” within the meaning of the U.S. federal
securities laws. Forward-looking statements are statements other than
historical facts and include, without limitation, future announcements and
priorities, expectations regarding management, corporate governance, market
position, business strategies, future financial and operating performance, and
other projections or statements of plans and objectives.
These forward-looking statements are based on
current expectations, estimates, assumptions, and projections, and involve
known and unknown risks, uncertainties, and other factors—many of which are
beyond SVRN’s control—that may cause actual results, performance, or
achievements to differ materially from those expressed or implied by such
statements. Important factors that may affect actual results include, among
others, SVRN’s ability to execute its growth strategy; its ability to raise and
deploy capital effectively; developments in technology and the competitive
landscape; the market performance of NEAR; and other risks and uncertainties
described under “Risk Factors” in SVRN’s Annual Report on Form 20-F filed with
the SEC on April 15, 2025, and in other subsequent filings with the SEC. These
filings are available at www.sec.gov. SVRN undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise, except as required by law.
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