OceanPal Faces Delisting Threat from Nasdaq Due to Price Deficiency; Plans to Appeal Decision

OceanPal Faces Delisting Threat from Nasdaq

On March 13, 2026, OceanPal, Inc. (Nasdaq: SVRN) disclosed a significant determination from the Nasdaq Stock Market that puts the future of its stock listing in jeopardy. The news was triggered by a written letter from Nasdaq's Listing Qualifications Staff, indicating that the company's common shares would face delisting unless it requests a hearing before an independent panel within a set timeframe.

What Led to This Situation?

The determination was issued due to OceanPal's inability to uphold a minimum closing bid price of $1.00 per share for 30 consecutive business days, specifically from January 29 to March 12, 2026. This failure follows a one-for-twenty-five reverse stock split executed on August 25, 2025, which has placed the company ineligible for a compliance period it would usually be granted.

The reverse stock split, intended to improve the company's stock price, resulted in this current delisting predicament. As per Nasdaq Listing Rule 5810(c)(3)(A)(iv), this type of corporate action reduces the avenues a company can pursue to comply with minimum price requirements.

Next Steps for OceanPal

In light of these issues, OceanPal is set to request a hearing before Nasdaq's Hearings Panel in accordance with Nasdaq Listing Rule 5815(a). The critical aspect of this request is that it automatically stays any delisting or suspension actions while the hearing is pending. Thus, OceanPal's shares will continue to be traded under the ticker symbol