OceanPal Inc. Discloses Share Repurchases Under Existing Board-Authorized Program; Establishes 0.8x mNAV as a Target Repurchase Threshold
Rhea-AI Summary
OceanPal (NASDAQ: SVRN) disclosed repurchasing 345,168 shares (post-reverse-split) and deploying $2.7 million under its $10 million buyback program, leaving $7.3 million capacity.
The company set a 0.8x mNAV threshold for prioritized repurchases and reported a NEAR treasury of ~55 million tokens (~$73.5 million at $1.34), trading at ~0.9x mNAV as of April 8, 2026.
AI-generated analysis. Not financial advice.
Positive
- $2.7M deployed under $10M repurchase program
- Established 0.8x mNAV threshold for buybacks
- 55M NEAR treasury valued at ~$73.5M
Negative
- Only $7.3M remaining repurchase capacity under program
- Stock still trades near 0.9x mNAV, above buyback target
News Market Reaction – SVRN
On the day this news was published, SVRN declined NaN%, reflecting a moderate negative market reaction. Argus tracked a trough of -7.0% from its starting point during tracking.
Data tracked by StockTitan Argus on the day of publication.
Company has repurchased a total of 345,168 shares prior to the reverse split under its previously announced
The repurchases were executed under the
The 0.8x mNAV threshold announced today formalizes that logic as a standing target. When OceanPal's market capitalization falls below 0.8 times the market value of its NEAR treasury holdings, the Board and management expect share repurchases to constitute the most efficient capital action available to the Company—equivalent, in economic terms, to acquiring NEAR at a discount to its market price. The policy does not obligate the Company to repurchase any specific number of shares, and repurchases will be executed at management's sole discretion in accordance with applicable securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934. The
As of market close April 8, 2026, OceanPal's common stock has appreciated 50+% since the reverse stock split took effect on March 30, 2026, which management believes reflects the underlying strength of the Company's NEAR treasury position and growth trajectory, and occurred without any additional share repurchase activity following the split. As of that time, OceanPal traded at a 0.9x mNAV, holding more than 55 million NEAR tokens (including collateral pledged to counterparties), representing approximately
"The market priced our shares at a significant discount to the value of our NEAR treasury in the days before the reverse split, so we acted on it. The repurchases were a straightforward application of the same capital discipline we intend to maintain going forward," said Sal Ternullo, Co-CEO of OceanPal, and CEO of its subsidiary SVRN. "We've established 0.8x mNAV as the target. Below that threshold, we are buyers. It reflects our conviction in the quality of our treasury, the strength of NEAR Protocol, and the direction our business is heading."
OceanPal's NEAR treasury currently generates approximately
About SVRN
SVRN, a wholly-owned subsidiary of OceanPal, fuels the growth of AI infrastructure that enables agents to act autonomously and securely. SVRN actively manages a treasury of NEAR—the network powering this infrastructure—generating returns that fund universal liquidity and AI privacy technologies. SVRN bridges these innovations to the enterprise, driving commercial adoption so businesses can deploy AI solutions that protect sensitive data and execute complex actions across any network. For more information, visit www.svrn.net.
About OceanPal Inc.
OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels - two Panamax dry bulk carriers and one MR2 product tanker - engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.
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. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intention to repurchase shares of its common stock at or below 0.8x mNAV; the Company's expectation that its NEAR treasury will continue to generate yield at or near current target rates; and the Company's projection that both its digital asset and shipping segments will be EBITDA-positive during 2026. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond OceanPal's and SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; the outcome of the Nasdaq Hearings Panel process; developments in technology and the competitive landscape; the market performance of NEAR;changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities; general domestic and international political conditions and related sanctions; potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the
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SOURCE OceanPal Inc.