OceanPal Inc. Announces Receipt of Nasdaq Notice

Rhea-AI Summary

OceanPal Inc (NASDAQ: OP) has received a notification from Nasdaq dated April 17, 2025, indicating non-compliance with the minimum bid price requirement. The company's stock has traded below the required US$1.00 per share for 30 consecutive business days.

The shipping company has been granted a 180-day grace period until October 14, 2025 to regain compliance. To cure this deficiency, OP's closing bid price must reach US$1.00 or higher for at least ten consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day extension if it meets other listing standards.

During this period, OP will continue trading on the Nasdaq Capital Market, and the company's business operations remain unaffected.

Positive

• 180-day grace period granted to regain compliance
• Possibility of additional 180-day extension if other listing standards are met
• Business operations remain unaffected by the notification

Negative

• Stock price has fallen below US$1.00 for 30 consecutive business days
• Risk of potential Nasdaq delisting if compliance is not achieved
• Non-compliance with Nasdaq listing requirements

ATHENS, Greece, April 23, 2025 (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 April 17, 2025, 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 October 14, 2025.

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, 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, 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:
MargaritaVeniou
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 is the deadline for OceanPal (OP) to regain Nasdaq compliance?

OceanPal has until October 14, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

How can OceanPal (OP) cure its Nasdaq listing deficiency?

OP can cure the deficiency if its stock maintains a closing bid price of US$1.00 or higher for at least 10 consecutive business days during the grace period.

Will OceanPal (OP) continue trading on Nasdaq during the compliance period?

Yes, OP will continue to trade on the Nasdaq Capital Market during the grace period while working to regain compliance.

What happens if OceanPal (OP) doesn't meet the minimum bid requirement by October 2025?

If OP meets all other listing standards, it may be eligible for an additional 180-day grace period to regain compliance.