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Athens, Greece - December 21, 2022
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. OceanPal Inc. Announces Reverse Stock Split to be Effective December 21, 2022 Athens, Greece - December 20, 2022 OceanPal Inc. (NASDAQ: OP) (the "Company"), a global shipping company specializing in the ownership of vessels, announced today that its board of directors has determined to effect a one-for-ten reverse stock split of the Company's common shares, par value $0.01 per share. The Company's shareholders approved the reverse stock split at the Company's annual meeting of shareholders held on April 5, 2022. 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 21, 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 101,802,806 shares to approximately 10,180,280 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 20, 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 21, 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 global provider of shipping transportation services through its ownership of vessels. The Company's vessels currently transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes and it is expected that the Company's vessels will be primarily employed on short term time and voyage charters following the completion of their current employments. OceanPal Inc. press release 
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