OceanPal Inc., a global shipping company specializing in the ownership of vessels, announced that its board of directors has determined to effect a one-for-twenty 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 May 3, 2023.
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 June 8, 2023, under the existing trading symbol “OP”. The CUSIP number of Y6430L202 will be assigned to the Company΄s common shares when the reverse stock split becomes effective.
When the reverse stock split becomes effective, every twenty 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 25,183,996 shares to approximately 1,259,199 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 June 7, 2023.
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 June 8, 2023. 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.
