ATHENS, GREECE - January 13,
2026 - OceanPal Inc. (“OceanPal” or “OP”, NASDAQ: SVRN), announces today the final results of its tender
offer (the “Offer”), which expired at 5:00 P.M. Eastern time on January 8, 2026.
Based on the final count by
Computershare Trust Company, N.A., the depositary for the Tender Offer, 18,996 shares
of the Company’s 7.0% Series D Cumulative Convertible Perpetual Preferred
Stock, par value $0.01 per share, with a $1,000 liquidation preference per
share (the “Shares”) have been validly tendered for purchase in the Offer and
not properly withdrawn prior to expiration of the Offer. The Company expects to
accept all of these Shares for purchase in accordance with the terms of the
Offer at a price of $1,400 per Share plus accrued dividends, for an aggregate
cost of approximately $26.9 million excluding fees relating to the Offer. The
Company will promptly pay for all of the Shares accepted for purchase.
Questions regarding the Offer
should be directed to the information agent at (866) 486-7610. Parties outside
the U.S. can reach the information agent at +1-(631) 302-5187.
About SovereignAI
SovereignAI is a wholly owned
subsidiary of OP formed to implement the company’s digital asset treasury
strategy, and developer of confidential AI infrastructure offering a superior
path to get exposure to the intersection of AI and blockchain in the public
markets. SovereignAI will use NEAR Protocol’s purpose-built technology to
establish private, user-owned agentic commerce. Funds generated by
SovereignAI’s holistic treasury management strategy of NEAR tokens will be used
to further the Company’s goal of building unique blockchain-native AI
infrastructure.
To learn more about SovereignAI,
please visit: https://www.svrn.net/
About OceanPal Inc.
OceanPal Inc. is a global
provider of shipping transportation services, specializing in the ownership and
operation of dry bulk vessels and product tankers. OP is engaged in the
seaborne transportation of bulk commodities, including iron ore, coal, and grain,
as well as refined petroleum products. OP’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.
Media Contact: svrn@mgroupsc.com
Cautionary Note Regarding
Forward-Looking Statements
This press release contains
statements that constitute “forward-looking statements” within the meaning of
the U.S. federal securities laws. Forward-looking statements are statements
other than historical facts and include, without limitation, future announcements
and priorities, expectations regarding management, corporate governance, market
position, business strategies, future financial and operating performance, and
other projections or statements of plans and objectives.
These forward-looking statements
are based on current expectations, estimates, assumptions, and projections, and
involve known and unknown risks, uncertainties, and other factors-many of which
are beyond OP’s control-that may cause actual results, performance, or
achievements to differ materially from those expressed or implied by such
statements. Important factors that may affect actual results include, among
others, OP’s ability to execute its growth strategy; its ability to raise and
deploy capital effectively; developments in technology and the competitive
landscape; the market performance of NEAR; and other risks and uncertainties
described under “Risk Factors” in OP’s Annual Report on Form 20-F filed with
the SEC on April 15, 2025, and in other subsequent filings with the SEC. These
filings are available at www.sec.gov. OP
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise, except as
required by law.
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