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.
Euroseas Ltd. Announces 1-for-8 Reverse Stock Split
Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that its Board of Directors has determined that the Company will implement a 1-for-8 reverse stock split, with an effective date of December 18, 2019. The reverse stock split is undertaken with the objective of meeting the minimum $1.00 per share requirement for listing the Company’s common stock on the Nasdaq Capital Market. The reverse stock split will become effective after the close of all trading on the effective date, and the Company’s common shares will begin trading on a split-adjusted basis on December 19, 2019, which is the trading day next following the effective date, or such other date as determined by Nasdaq.
Fractional shares will be rounded up to the next full share. Each common shareholder will hold the same percentage of the outstanding common shares immediately following the reverse stock split as that shareholder did immediately prior to the reverse stock split except for minor adjustment due to the above-said rounding up of the fractional shares. The reverse stock split was authorized by the Company’s shareholders on June 21, 2019.