OceanPal Inc. announces an upsized public offering of 10,975,600 units, expected to raise approximately $18 million.
Quiver AI Summary
OceanPal Inc., a global shipping company, has announced the completion of its upsized public offering of 10,975,600 units at a price of $1.64 per unit, which includes one common share and one warranty for additional shares. The offering is expected to yield approximately $18 million in gross proceeds, before expenses, and is set to close on July 22, 2025, pending customary conditions. Maxim Group LLC is serving as the sole book-running manager for the offering. The company specializes in the transportation of bulk commodities and refined petroleum products, aiming to enhance long-term shareholder value. The announcement includes forward-looking statements, highlighting factors that may affect future performance, such as economic conditions and regulatory changes.
Potential Positives
- OceanPal Inc. successfully priced an upsized public offering of 10,975,600 units, raising approximately US$18.0 million, which strengthens its financial position.
- The offering allows each unit to consist of one common share and one warrant, potentially enhancing shareholder value through future exercise of the warrants.
- The transaction is being managed by Maxim Group LLC, indicating confidence in the offering and professional guidance for investors.
- The shares and warrants are immediately exercisable, providing investors with timely opportunities to engage with the company's growth potential.
Potential Negatives
- The offered price of US$1.64 per unit may indicate financial distress or a lack of investor confidence, as companies often price offerings competitively to attract capital.
- The need to issue additional shares and warrants could dilute existing shareholders' equity and impact their value.
- The conditions surrounding the offering, such as the immediate exercisability of warrants at a significant markup, may suggest potential volatility in share price and further financial strain in the future.
FAQ
What is OceanPal Inc.'s recent public offering?
OceanPal Inc. announced an upsized public offering of 10,975,600 units priced at US$1.64 per unit.
What does each unit in OceanPal's offering include?
Each unit consists of one common share and one warrant to purchase one common share.
When is the expected closing date for the offering?
The offering is expected to close on July 22, 2025, subject to customary closing conditions.
Who is managing OceanPal's public offering?
Maxim Group LLC is the sole book-running manager for OceanPal's public offering.
Where can I find the prospectus for OceanPal's offering?
The prospectus will be available on the SEC’s website and from Maxim Group LLC upon request.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OP Hedge Fund Activity
We have seen 1 institutional investors add shares of $OP stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 16,223 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $14,112
- UBS GROUP AG removed 649 shares (-19.8%) from their portfolio in Q1 2025, for an estimated $564
- MORGAN STANLEY removed 164 shares (-22.3%) from their portfolio in Q1 2025, for an estimated $142
- ROYAL BANK OF CANADA removed 68 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $59
- LEGEND FINANCIAL ADVISORS, INC. removed 68 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $59
- ASSETMARK, INC removed 68 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $59
- PARALLEL ADVISORS, LLC removed 57 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $49
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ATHENS, Greece, July 21, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced the pricing of its upsized public offering of 10,975,600 units at a public offering price of US$1.64 per unit. Each unit consists of one common share and one warrant to purchase one common share.
Each Warrant will expire three (3) years from the issuance, will be immediately exercisable upon issuance at an initial exercise price equal to 225% of the public offering price, subject to adjustment on the First Reset Date and the Second Reset Date (as defined in the warrants) and subject to a floor price therein. The warrants may also be exercised on a zero cash exercise option pursuant to which the holder may exchange each warrant for two (2) common shares.
Gross proceeds to the Company, before deducting placement agent’s fees and other offering expenses, are expected to be approximately US$18.0 million. The offering is expected to close on July 22, 2025, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole book-running manager in connection with the offering.
A registration statement on Form F-1 (File No. 333-288153) was filed with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on July 21, 2025 and a registration statement on Form F-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective on July 21, 2025. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov . The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, when available, may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at [email protected] .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About the Company
OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products. OceanPal’s fleet is primarily employed on time charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.
Forward Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.