OceanPal Inc. Announces Results of 2025 Annual Meeting of Shareholders

Rhea-AI Summary

OceanPal Inc. (NASDAQ: OP) held its Annual Meeting of Shareholders virtually on May 20, 2025, where shareholders approved three key proposals. The meeting resulted in: (1) The election of three Class I Directors who will serve until 2028, (2) Authorization for the Board to implement one or more reverse stock splits with an aggregate ratio not exceeding 1-for-500, with the exact ratio to be determined by the Board, and (3) The appointment of Ernst & Young (Hellas) as the company's independent auditors for fiscal year 2025.

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• None.

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• Authorization of potential reverse stock splits up to 1-for-500 ratio suggests significant share price concerns and potential delisting risk

ATHENS, Greece, May 21, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that the Company’s Annual Meeting of Shareholders (the “Meeting”) was duly held on May 20, 2025, in virtual format only via the Internet.

At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company’s Proxy Statement sent to shareholders on or around April 28, 2025, was approved and adopted:

(1)    The election of three Class I Directors to serve until the 2028 annual meeting of shareholders;

(2)    The approval of the amendment to the Company’s Amended and Restated Articles of Incorporation authorizing the Board to effect one or more reverse stock splits of the Company’s issued Common Shares, in the aggregate ratio of not more than 1-for-500, with the exact ratio to be determined by the Board in its discretion; and

(3)    The appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2025.

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:
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 did shareholders approve at OceanPal's (OP) 2025 annual meeting?

At OceanPal's 2025 annual meeting, shareholders approved three proposals: election of three Class I Directors, authorization for reverse stock splits up to 1-for-500 ratio, and appointment of Ernst & Young (Hellas) as independent auditors.

What is the maximum reverse stock split ratio approved for OceanPal (OP)?

Shareholders approved potential reverse stock splits with an aggregate ratio not exceeding 1-for-500, with the exact ratio to be determined by OceanPal's Board of Directors.

When will OceanPal's (OP) newly elected Class I Directors' terms expire?

The newly elected Class I Directors will serve until OceanPal's 2028 annual meeting of shareholders.

Who are OceanPal's (OP) independent auditors for fiscal year 2025?

Ernst & Young (Hellas) Certified Auditors Accountants S.A. was appointed as OceanPal's independent auditors for the fiscal year ending December 31, 2025.