OceanPal Inc. Announces Reverse Stock Split to be Effective June 8, 2023
OceanPal Inc., a global shipping company specializing in the ownership of vessels, announced 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.
OceanPal Inc. Announces Entry Into Agreement to Acquire a Panamax Dry Bulk Vessel
OceanPal Inc., a global shipping company specializing in the ownership of vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement dated February 1, 2023, to acquire the m/v Melia from Diana Shipping Inc., a related party of the Company, for an aggregate purchase price of US$14.0 million. Of the purchase price, US$4.0 million was paid in cash upon the signing of the Memorandum of Agreement and the remaining amount is expected to be paid upon delivery of the vessel to OceanPal Inc. in the form of shares of the Company’s Series D Preferred Stock, the terms of which are set forth in the statement of designation of the Series D Preferred Stock. The aggregate purchase price of the vessel was based on the average of two independent shipbroker valuations, after taking into account the share-based component of the consideration.
The m/v Melia is a 2005-built Panamax dry bulk vessel with a carrying capacity of 76,225 dwt. The Company expects to take delivery of the vessel by the end of February 2023. The purchase of this vessel was made pursuant to the Company’s exercise of a right of first refusal granted to it by Diana Shipping Inc. on six identified vessels (including the m/v Melia) based on an agreement dated November 8, 2021. The acquisition was approved by a committee of independent members of the Company’s Board of Directors.
OceanPal Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2022; Declares a Cash Dividend of $0.01 Per Share
OceanPal Inc., a global shipping company specializing in the ownership of vessels, reported net income of $648 thousand and net income attributed to common stockholders of $157 thousand for the second quarter of 2022. Time charter revenues for the same period were $4.6 million.
Net income for the six months ended June 30, 2022 amounted to $1.1 million and net loss attributed to common stockholders amounted to $277 thousand. Time charter revenues for the same period were $8.3 million.
Dividend Declaration
The Company declared a cash dividend on its common stock of $0.01 per share for the second quarter ended June 30, 2022. The cash dividend will be payable on or about August 31, 2022 to all common shareholders of record as of August 12, 2022. The Company has 29.83 million shares of common stock issued and outstanding. Holders of the Company’s Class A Warrants as of August 12, 2022 will also receive a cash payment in the amount of $0.01 for each common share that such holder would be entitled to receive upon exercise of their Class A Warrants. As of August 1, 2022 there are Class A Warrants exercisable for an aggregate of 14.47 million common shares.
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.
Diana Shipping Inc. Announces Distribution Date for Previously Announced OceanPal Inc. Spin-Off
Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, announced that the distribution date for the previously announced spin-off of its wholly-owned subsidiary, OceanPal Inc., will be November 29, 2021, following the effectiveness of the OceanPal Inc. registration statement under the Securities Exchange Act of 1934 on Form 20-F filed with the U.S. Securities and Exchange Commission (the “Registration Statement”).
The Company expects the spin-off transaction to be consummated on the same terms and conditions as previously announced in the Company’s press release dated October 26, 2021 and in the Registration Statement. The record date of the OceanPal Inc. spin-off will not change.