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OceanPal Inc. Announces Revised Effective Date of Reverse Stock Split
ATHENS, Greece, Dec. 21, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of
About this update from Oceanpal Inc.
[{"type":"text","content":"ATHENS, Greece, Dec. 21, 2022 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced today that the Company is amending the date for its previously announced reverse stock split, which was to be effective as of the opening of trading on December 21, 2022, due to the delay in a necessary regulatory approval outside of the Company’s control, and which approval has now been obtained. The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis on NASDAQ, as of the opening of trading on December 22, 2022, under the existing trading symbol “OP”. The CUSIP number of Y6430L 160 will be assigned to the Company's common shares when the reverse stock split becomes effective. The CUSIP number of Y6430L 152 will be assigned to the Company’s Class A Warrants when the reverse stock split becomes effective. When the reverse stock split becomes effective, every ten of the Company's issued common shares will be combined into one issued common share, without any change to the par value per share and without any change in the total number of authorized common shares. The number of outstanding common shares will be reduced from approximately 101.8 million shares to approximately 10.2 million shares. No fractional shares will be issued in connection with the reverse stock split. Shareholders who would otherwise hold a fraction of a common share of the Company will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the shareholder would otherwise be entitled, multiplied by the closing price of the Company's common shares on NASDAQ on December 21, 2022. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after December 22, 2022. Such beneficial holders may contact their bank, broker, or nominee for more information. The purpose for seeking shareholder approval to effect the reverse stock split was to increase the per share trading price of the Company's common stock, which the Company expects will satisfy the minimum bid price requirement for continued listing on NASDAQ. About the Company OceanPal Inc. is a g...