ATHENS, GREECE, March 11, 2022 – 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 8, 2022,
indicating that because the closing bid price of the Company’s common stock for
30 consecutive business days, from January 21, 2022 to March 7, 2022, was below
the minimum $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 5, 2022.
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 $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, 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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