OceanPal Inc. Announces Pricing of Upsized US$18.0 Million Public Offering

Core Viewpoint - OceanPal Inc. has announced the pricing of its upsized public offering of 10,975,600 units at a price of US$1.64 per unit, aiming to raise approximately US$18.0 million before expenses [1][3]. Group 1: Offering Details - Each unit in the offering consists of one common share and one warrant to purchase one common share [1]. - The warrants will expire three years from issuance and are immediately exercisable at an initial price equal to 225% of the public offering price, with adjustments on specified reset dates [2]. - The offering is expected to close on July 22, 2025, pending customary closing conditions [3]. Group 2: Company Overview - OceanPal Inc. is a global provider of shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [6]. - The company specializes in the seaborne transportation of bulk commodities such as iron ore, coal, and grain, as well as refined petroleum products [6]. - OceanPal's fleet primarily operates on time charter trips with short to medium durations and spot charters, aiming to maximize long-term shareholder value [6].