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Investing.com -- OceanPal Inc. (NASDAQ:OP) stock plummeted 22.5% in after-hours trading Tuesday following the company’s announcement of a $120 million private investment offering and the launch of a new AI-focused subsidiary.
The Athens-based shipping company revealed it has closed a private investment in public equity transaction for the purchase and sale of common stock and pre-funded warrants. OceanPal plans to use the proceeds to implement a digital asset treasury strategy through its newly formed subsidiary, SovereignAI Services LLC.
SovereignAI will focus on commercializing the NEAR Protocol, a blockchain platform designed for artificial intelligence applications. The company stated it intends to accumulate NEAR tokens with the objective of acquiring at least 10% of the token supply over time.
"We believe NEAR presents the greatest asymmetric upside across mature projects in the digital asset market, which we aim to capture and offer to our shareholders," said Sal Ternullo, OceanPal’s newly appointed Co-CEO.
The company has appointed Ternullo, who previously worked at State Street, KPMG, and as General Partner at A100x, to lead the initiative. David Schwed, formerly of BNY, Galaxy, and Robinhood, joins as Chief Operating Officer.
According to the announcement, SovereignAI will build "blockchain-native, confidential AI-cloud infrastructure using NVIDIA tech and powered by NEAR." The subsidiary will be supported by an advisory board chaired by Illia Polosukhin, CEO and co-founder of NEAR Foundation.
Despite the new AI venture, OceanPal confirmed it will continue its core business as a global provider of shipping transportation services, specializing in dry bulk vessels and product tankers.
The transaction included participation from crypto-native investors such as Kraken, Proximity, and Fabric Ventures, with Clear Street LLC and Cohen & Company Capital Markets serving as financial advisors and placement agents.
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