OceanPal Inc. Announces Reverse Stock Split to be Effective June 8, 2023
June 07 2023 - 7:23AM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, announced today
that its board of directors has determined to effect a
one-for-twenty reverse stock split of the Company's common shares,
par value $0.01 per share. The Company's shareholders approved the
reverse stock split at the Company's annual meeting of shareholders
held on May 3, 2023.
The reverse stock split will take effect, and
the Company's common shares will begin trading on a split-adjusted
basis on NASDAQ, as of the opening of trading on June 8, 2023,
under the existing trading symbol “OP”. The CUSIP number of
Y6430L202 will be assigned to the Company's common shares when the
reverse stock split becomes effective.
When the reverse stock split becomes effective,
every twenty of the Company's issued common shares will be combined
into one issued common share, without any change to the par value
per share and without any change in the total number of authorized
common shares. The number of outstanding common shares will be
reduced from approximately 25,183,996 shares to approximately
1,259,199 shares.
No fractional shares will be issued in
connection with the reverse stock split. Shareholders who would
otherwise hold a fraction of a common share of the Company will
receive a cash payment in lieu thereof at a price equal to that
fraction of a share to which the shareholder would otherwise be
entitled, multiplied by the closing price of the Company's common
shares on NASDAQ on June 7, 2023.
Shareholders with shares held in book-entry form
or through a bank, broker, or other nominee are not required to
take any action and will see the impact of the reverse stock split
reflected in their accounts on or after June 8, 2023. Such
beneficial holders may contact their bank, broker, or nominee for
more information.
The purpose for seeking shareholder approval to
effect the reverse stock split was to increase the per share
trading price of the Company's common stock, which the Company
expects will satisfy the minimum bid price requirement for
continued listing on NASDAQ.
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 continuing impacts of the
COVID-19 pandemic; 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.
Corporate Contact:
Margarita Veniou
Chief Corporate Development & Governance Officer
and Secretary
Telephone: +30-210-9485-360
Email: mveniou@oceanpal.com
Website: www.oceanpal.com
Twitter: @OceanPal_Inc
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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