OceanPal Inc. Announces Receipt of Nasdaq Notice

Rhea-AI Summary

On March 30, 2023, OceanPal Inc. (NASDAQ: OP) announced it received notice from Nasdaq regarding non-compliance with its listing rules, as the company's common stock bid price was below $1.00 for 30 consecutive business days. The notification, dated March 27, 2023, allows a grace period of 180 days until September 25, 2023, to regain compliance by maintaining a price of $1.00 or higher for at least ten consecutive days. Meanwhile, the company's operations remain unaffected, and it intends to monitor its stock price closely during this period.

Positive

• Company operations remain unaffected by the Nasdaq notification.
• The company has a grace period until September 25, 2023, to regain compliance.

Negative

• Stock bid price fell below $1.00 for 30 consecutive business days, risking potential delisting.

ATHENS, Greece, March 30, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated March 27, 2023, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days was below the minimum US$1.00 per share bid price requirement for continued listing on The Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until September 25, 2023.

The Company intends to monitor the closing bid price of its common stock during this grace period and will consider its options in order to regain compliance with The Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is US$1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.

The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on The Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification.

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.

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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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, 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, 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.

Corporate Contact:
Margarita Veniou
Chief Corporate Development & Governance Officer        
Telephone: +30-210-9485-360
Email: mveniou@oceanpal.com
Website: www.oceanpal.com
Twitter: @OceanPal_Inc

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net

FAQ

What happened to OceanPal Inc. (OP) on March 30, 2023?

OceanPal Inc. received notification from Nasdaq for non-compliance with listing rules due to its stock price being below $1.00.

What is the deadline for OceanPal Inc. to comply with Nasdaq requirements?

OceanPal Inc. has until September 25, 2023, to regain compliance with Nasdaq's minimum bid price requirement.

How long does OceanPal have to regain compliance after receiving the Nasdaq notice?

OceanPal has a grace period of 180 days to regain compliance.

What can OceanPal Inc. do to regain compliance with Nasdaq?

To regain compliance, OceanPal needs its stock price to be $1.00 or higher for at least ten consecutive business days.

Are OceanPal's business operations affected by the Nasdaq notification?

No, OceanPal's business operations are not affected by the notification regarding its stock price.