OceanPal prices upsized public offering at $1.64 per unit

ATHENS - OceanPal Inc. (NASDAQ:OP) announced Monday the pricing of its upsized public offering of 10,975,600 units at $1.64 per unit, expected to generate approximately $18 million in gross proceeds before deducting fees and expenses. The offering comes as the company, currently valued at $12.31 million, maintains a strong liquidity position with cash exceeding debt levels, according to InvestingPro data.

Each unit consists of one common share and one warrant to purchase an additional common share. The warrants will expire three years from issuance and will be exercisable immediately at an initial exercise price of 225% of the public offering price, subject to adjustments on reset dates and a floor price.

The offering is expected to close on July 22, 2025, pending customary closing conditions. Maxim Group LLC is serving as the sole book-running manager for the transaction.

The global shipping company, which specializes in owning and operating dry bulk vessels and product tankers, filed its registration statement with the U.S. Securities and Exchange Commission, which was declared effective on July 21, 2025.

OceanPal’s fleet primarily operates on time charter trips with short to medium duration and spot charters. The company focuses on seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products.

The announcement was made through a company press release, which noted that a final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website.

In other recent news, OceanPal Inc. has regained compliance with Nasdaq’s minimum bid price requirement after its shares traded above $1.00 for ten consecutive trading days, resolving a previous compliance issue. Additionally, OceanPal announced the sale of 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 June 17, 2025, although further details about the buyer or the use of proceeds were not disclosed. Meanwhile, Diana Shipping Inc. has announced its upcoming Annual Meeting of Shareholders, with details distributed to shareholders, though specific agenda items were not disclosed. The meeting will allow shareholders to vote on various corporate matters, including the election of the board of directors and approval of financial statements. OceanPal had earlier faced a Nasdaq delisting notice due to its stock trading below $1.00, but it has since resolved this issue. The company continues to focus on seaborne transportation of bulk commodities, aiming to maximize shareholder value. Both companies have their headquarters in Athens, Greece, and are active in the international maritime industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.