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ATHENS - OceanPal Inc. (NASDAQ:OP), whose stock has declined over 67% in the past year according to InvestingPro data, announced Tuesday the closing of its upsized public offering that raised approximately $18 million in gross proceeds before deducting fees and expenses.
The global shipping company sold 10,975,600 units at $1.64 per unit. Each unit consists of one common share and one warrant to purchase an additional common share.
Maxim Group LLC served as the sole book-running manager for the offering, which was conducted under registration statements that became effective on July 21, 2025.
The offering comes as OceanPal continues its operations as a provider of shipping transportation services specializing in dry bulk vessels and product tankers. The company primarily employs its fleet on time charter trips with short to medium duration and spot charters.
According to the press release statement, OceanPal is engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products.
The company noted that the public offering was made only through a prospectus forming part of the effective registration statement filed with the U.S. Securities and Exchange Commission.
OceanPal did not specify how it intends to use the proceeds from the offering in its announcement.
In other recent news, OceanPal Inc. announced the pricing of its upsized public offering, which is expected to generate approximately $18 million in gross proceeds. Each unit in the offering includes one common share and a warrant to purchase an additional share. OceanPal also reported that it has regained compliance with Nasdaq’s minimum bid price requirement after its shares traded above $1.00 for ten consecutive days. This development follows a previous notification from Nasdaq regarding non-compliance due to the stock’s low trading price.
Additionally, OceanPal has agreed to sell its 2004-built dry bulk vessel, Protefs, for $7 million as part of its fleet optimization strategy. The sale is expected to be completed by mid-June 2025. Meanwhile, Diana Shipping Inc. has announced its upcoming Annual Meeting of Shareholders, with materials distributed to shareholders. The meeting will address various corporate matters, though the exact date has not been specified.
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