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OceanPal Inc. Implements Reverse Stock Split

OceanPal Inc., a prominent player in the global shipping industry, has announced an upcoming reverse stock split scheduled for March 30, 2026. This strategic move comes as the company aims to comply with the minimum bid price requirements established by NASDAQ.

The reverse stock split will be implemented at a ratio of one-for-twenty, meaning that shareholders will see every twenty shares they currently hold merged into one single share. As a result, the total number of outstanding shares will decrease significantly, from approximately 37.5 million to about 1.9 million shares. This action is designed to bolster the company’s share price and help fulfill the NASDAQ listing standards.

Background of the Decision

The Board of Directors of OceanPal made this critical decision after receiving approval from its shareholders during the annual meeting held on May 20, 2025. The approval reflected shareholders’ confidence in the company's long-term strategies and their support for actions that could enhance shareholder value.

Implications for Shareholders

Shareholders holding shares in book-entry form or through bank or brokerage accounts are not required to take any action regarding this reverse split. The changes will automatically be reflected in their holdings on or after the effective date. However, any shareholders entitled to fractional shares due to the split will receive a cash payment equivalent to the value of those fractions at the market closing price on March 27, 2026.

Notably, the reverse stock split will not alter the par value of the stock, which remains at $0.01. The CUSIP number for the shares will also change to Y6430L178 upon the split's enactment.

Addressing Compliance with NASDAQ

This initiative primarily aims to ensure that OceanPal meets NASDAQ’s minimum bid price regulations as outlined in Listing Rule 5550(a)(2). The company previously received a notification from NASDAQ’s Listing Qualifications Staff regarding its non-compliance status, prompting the need for this corrective action. Additionally, OceanPal has requested a hearing before an independent panel to affirm its commitment to maintaining its listing.

OceanPal’s commitment to this process underscores its proactive approach to corporate governance and the prioritization of compliance in a competitive marketplace. The reverse split is presented as a key component of the company's plan to maintain and grow its presence in the maritime transportation sector

About OceanPal Inc.

OceanPal Inc. specializes in the ownership and operation of dry bulk vessels and product tankers for the transportation of bulk commodities like iron ore and coal. Its business model focuses on maximizing long-term shareholder value through meticulous fleet management and operational efficiency. Moreover, the company’s subsidiary, SovereignAI Services LLC, is also expanding its footprint within the AI infrastructure space, navigating the digital asset treasury market while ensuring enhanced privacy and compliance.

Conclusion

As OceanPal Inc. moves forward with the reverse stock split, it remains committed to creating value for its shareholders and ensuring compliance with regulatory requirements. This strategic decision marks a significant step toward strengthening its position in the maritime industry while addressing market conditions and compliance considerations effectively.