ATHENS, Greece, July 21, 2025 - OceanPal Inc. (NASDAQ: OP) (the
“Company”), a global shipping company specializing in the ownership of vessels,
today announced the pricing of its upsized public offering of 10,975,600 units
at a public offering price of US$1.64 per unit. Each unit consists of one
common share and one warrant to purchase one common share.
Each Warrant will expire three (3) years from the issuance,
will be immediately exercisable upon issuance at an initial exercise price
equal to 225% of the public offering price, subject to adjustment on the First
Reset Date and the Second Reset Date (as defined in the warrants) and subject
to a floor price therein. The warrants may also be exercised on a zero cash
exercise option pursuant to which the holder may exchange each warrant for two
(2) common shares.
Gross proceeds to the Company, before deducting placement
agent’s fees and other offering expenses, are expected to be approximately US$18.0
million. The offering is expected to close on July 22, 2025, subject to the
satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole book-running manager in
connection with the offering.
A registration statement on Form F-1 (File No. 333-288153)
was filed with the U.S. Securities and Exchange Commission (“SEC”) and was
declared effective by the SEC on July 21, 2025 and a registration statement on
Form F-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as
amended, was filed with the SEC and became effective on July 21, 2025. A final
prospectus relating to the offering will be filed with the SEC and will be
available on the SEC’s website at http://www.sec.gov.
The offering is being made only by means of a prospectus forming part of the
effective registration statement. Electronic copies of the prospectus relating
to this offering, when available, may also be obtained from Maxim Group LLC,
300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate
Department, by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer to sell or
a solicitation of an offer to buy any of the securities described herein, nor
shall there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state or
other jurisdiction.
About the Company
OceanPal Inc. is a global provider of shipping
transportation services, specializing in the ownership and operation of dry
bulk vessels and product tankers. The Company is engaged in the seaborne
transportation of bulk commodities, including iron ore, coal, and grain, as
well as refined petroleum products. OceanPal’s fleet is primarily employed on
time charter trips with short to medium duration and spot charters, with a
strategic focus on maximizing long-term shareholder value.
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
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, tariff
policies and other trade restrictions, 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, including the escalation of the conflict in the
Middle East, 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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