OceanPal Inc. Initiates Tender Offer for Series D Preferred Shares to Boost Shareholder Value

OceanPal Inc. Initiates Tender Offer for Preferred Shares

On December 3, 2025, OceanPal Inc. (NASDAQ: SVRN), a leading provider of shipping transportation services, officially announced its commencement of a tender offer aimed at purchasing all outstanding shares of its Series D Cumulative Convertible Perpetual Preferred Stock. This strategic move is designed to reinforce shareholder value and optimize the company's capital structure.

Details of the Tender Offer

The tender offer encompasses OceanPal’s 7.0% Series D shares, designated with a par value of $0.01 each and offering a liquidation preference of $1,000 per share. Investors can tender these shares at a price of $1,400 each, which includes accrued dividends. The offer is set to expire at 5 PM Eastern Time on January 8, 2026, unless it is extended or retracted.

The decision to repurchase shares comes as part of OceanPal's board strategy, reflecting the company’s current cash position and stock valuation, ensuring that it acts in the best interest of its investors.

Shareholder Communication

Shares will be directly addressed in a mailing to shareholders, where they will find specific instructions related to the tender offer, including the terms and conditions involved. OceanPal has appointed Computershare Trust Company, N.A. as the depositary for this offer, with Georgeson LLC serving as the information agent to assist shareholders with any inquiries or guidance.

For further information, shareholders can reach out to the information agent via phone at (866) 486-7610, or internationally at +1-(631) 302-5187. Copies of relevant documentation, such as the Offer to Purchase and Letter of Transmittal, will also be available for shareholders at OceanPal’s expense through the information agent.

About SovereignAI

In addition to the tender offer, OceanPal is also growing its digital footprint through its wholly-owned subsidiary, SovereignAI. This entity aims to execute the company's digital asset treasury strategy while developing confidential AI infrastructure. SovereignAI is set to capitalize on the intersection of artificial intelligence and blockchain technology within public markets, driven by innovations from NEAR Protocol’s technology. Any funds raised through this initiative will be directed towards advancing this blockchain-native AI infrastructure.

Overview of OceanPal Inc.

OceanPal Inc. specializes in shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers. The company is engaged in the maritime transportation of key commodities such as coal, iron ore, and grain, along with refined petroleum products. The fleet primarily operates on time charters with short to medium durations, complemented by strategic spot charters, all aimed at maximizing long-term shareholder value.

Forward-Looking Statements

This announcement includes forward-looking statements which contain inherent risks and uncertainties. These projections may not necessarily match actual future outcomes due to factors beyond OceanPal’s control, such as economic conditions and competitive dynamics. Given these uncertainties, stakeholders should consider consulting the annual report and other SEC filings from OceanPal for further insights into their operational landscape and risk environment.

For more information about OceanPal Inc. and its strategic directions, visit OceanPal's website.