ATHENS, GREECE, April 1, 2022 - OceanPal Inc. (NASDAQ:
OP) (the “Company”), a global shipping company specializing in the ownership of
vessels, today announced that the Annual Meeting of Shareholders of the Company
(the “Meeting”) held in virtual format on March 31, 2022 has been adjourned until
April 5, 2022 at 9:00 a.m. Eastern Time. The Company adjourned the Meeting for
the purpose of allowing additional time for shareholders to vote on Proposal
Two, described below and as set forth in the Company’s proxy statement for the
Meeting, dated February 24, 2022 (the “Proxy”). The business scheduled for the
re-convened Meeting remains the same as set forth in the Proxy.
At the Meeting, shareholders of the
Company will consider and vote to (i) elect three Class I Directors (Proposal
One), (ii) approve one or more amendments to the Company’s amended and restated
articles of incorporation to effect one or more reverse stock splits of its
common shares, each at a ratio of not
less than one-for-two and not more than one-for-10 and in the aggregate at a
ratio of not more than one-for-40 (Proposal Two), and (iii) approve the appointment of Ernst &
Young (Hellas) Certified Auditors Accountants S.A. as the Company’s independent
auditors for the fiscal year ending December 31, 2022 (Proposal Three).
If you have already voted
your shares, you do not need to vote again and we thank you for your support. If
you have voted against Proposal Two or abstained, we urge you to reconsider
your vote, and vote in favor of Proposal Two. The Board believes the proposed
reverse stock split is in the best interests of the Company’s shareholders as
it enables the Company to reestablish compliance with Nasdaq’s minimum
bid price requirement,
however there is no guarantee that it will maintain such compliance.
All shareholders of record as
of February 17, 2022, who have not already done so are encouraged to vote on
the proposals. Shareholders who have already voted need not take any further action.
The Meeting will be held in a virtual format only via
the Internet at www.virtualshareholdermeeting.com/OP2022.
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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