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

Rhea-AI Summary

OceanPal Inc. (NASDAQ: OP) has successfully completed an upsized public offering, raising approximately US$18.0 million in gross proceeds. The company sold 10,975,600 units at US$1.64 per unit, with each unit comprising one common share and one warrant to purchase an additional common share.

The offering was managed by Maxim Group LLC as the sole book-running manager. The company's registration statements on Form F-1 were declared effective by the SEC on July 21, 2025, and the final prospectus is available on the SEC's website.

Positive

• Raised significant capital of US$18.0 million in gross proceeds
• Successful completion of upsized public offering indicates strong investor interest
• Inclusion of warrants provides potential additional future capital

Negative

• Potential dilution for existing shareholders
• Additional shares and warrants may put downward pressure on stock price
• Offering costs will reduce net proceeds available to company

Insights

Financial Analyst

OceanPal's $18M offering strengthens liquidity but creates significant dilution for existing shareholders.

OceanPal has completed an upsized public offering raising $18 million in gross proceeds through the issuance of 10,975,600 units priced at $1.64 each. The structure of this offering is particularly notable, as each unit combines one common share with one warrant for an additional share. This effectively creates potential for nearly 22 million new shares if all warrants are exercised, representing substantial dilution for existing shareholders.

The upsizing of the offering suggests strong demand from investors, which is a positive signal, but also indicates the company needed more capital than initially planned. The $18 million infusion will strengthen OceanPal's balance sheet and potentially fund vessel acquisitions in the shipping sector, which remains cyclical and capital-intensive.

For a NASDAQ-listed shipping company, this type of offering is relatively common but raises questions about the company's long-term funding strategy. The inclusion of warrants in the offering structure typically suggests the company needed additional incentives to attract investors. This could indicate challenges in raising capital solely through common equity, possibly due to market conditions or company-specific concerns.

The involvement of Maxim Group as the sole book-runner suggests a concentrated marketing effort rather than a broadly syndicated offering, which might reflect the company's current market position and investor perception.

ATHENS, Greece, July 22, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced the closing of its upsized public offering of 10,975,600 units at a public offering price of US$1.64 per unit. Each unit consists of one common share and one warrant to purchase one common share. Gross proceeds to the Company, before deducting placement agent’s fees and other offering expenses, were approximately US$18.0 million.

Maxim Group LLC acted as sole book-running manager in connection with the offering.

A registration statement on Form F-1 (File No. 333-288153) was filed with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on July 21, 2025 and a registration statement on Form F-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective on July 21, 2025. A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About the Company

OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products. OceanPal’s fleet is primarily employed on time charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.

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 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, tariff policies and other trade restrictions, 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, including the escalation of the conflict in the Middle East, 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 and Governance Officer and Secretary
Telephone: +30-210-9485-360
Email: mveniou@oceanpal.com
Website: www.oceanpal.com
X: @OceanPal_Inc

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

FAQ

What was the size of OceanPal's (OP) public offering in July 2025?

OceanPal raised US$18.0 million in gross proceeds through an upsized public offering of 10,975,600 units at US$1.64 per unit.

What does each unit in OceanPal's (OP) public offering include?

Each unit consists of one common share and one warrant to purchase one common share.

Who was the book-running manager for OceanPal's (OP) public offering?

Maxim Group LLC acted as the sole book-running manager for the offering.

When did the SEC declare OceanPal's (OP) registration statement effective?

The SEC declared OceanPal's registration statements effective on July 21, 2025.

What is the trading symbol for OceanPal Inc.?

OceanPal Inc. trades on the NASDAQ under the symbol OP.