OceanPal Receives Nasdaq Staff Determination Regarding Minimum Bid Price Deficiency; Intends to Request Hearing Before Independent Panel

Core Viewpoint - OceanPal, Inc. has received a determination from Nasdaq indicating potential delisting due to failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, and intends to request a hearing to address this issue [1] Group 1: Nasdaq Delisting Determination - On March 13, 2026, OceanPal received a written determination from Nasdaq stating that the company may be delisted unless a hearing is requested [1] - The determination was based on the company's common shares failing to meet the minimum closing bid price requirement from January 29, 2026, to March 12, 2026 [1] - OceanPal's prior reverse stock split on August 25, 2025, disqualifies it from receiving a compliance period under Nasdaq's deficiency framework [1] Group 2: Hearing Request and Compliance Plan - OceanPal plans to request a hearing before an independent panel, which will automatically stay any suspension or delisting actions during the hearing process [1] - The company is actively evaluating measures to restore compliance, including potential capital markets transactions and other corporate actions [1] - The hearing will provide an opportunity for OceanPal to present a comprehensive plan to restore compliance with Nasdaq listing standards [1] Group 3: Company Overview - OceanPal Inc. specializes in shipping transportation services, focusing on the ownership and operation of dry bulk vessels and product tankers [1] - The company is engaged in the transportation of bulk commodities and refined petroleum products, primarily through time-charter and spot charters [1] - SovereignAI Services LLC, a subsidiary of OceanPal, manages AI infrastructure and treasury operations to support business growth and innovation [1]