OceanPal Inc. Announces Engagement of CBIZ CPAs P.C. as New Independent Registered Public Accounting Firm

OceanPal (NASDAQ: SVRN) said its Board appointed CBIZ CPAs P.C. as its independent registered public accounting firm, effective immediately.

Rhea-AI Summary

OceanPal (NASDAQ: SVRN) said its Board appointed CBIZ CPAs P.C. as its independent registered public accounting firm, effective immediately.

The appointment follows an Audit Committee evaluation and replaces Ernst & Young (Hellas), which resigned on October 28, 2025. The board stated the change was not due to any disagreement on accounting or auditing matters.

Argus Jan 30 session

-1.17% close to close Open Argus

Details

News Market Reaction – SVRN

On Jan 30, the day this news came out, SVRN closed 1.17% below the previous close.

Data tracked by StockTitan Argus for the Jan 30 session.

Market Context

This announcement details an auditor change, with CBIZ CPAs appointed as the new independent registe...

Analysis

This announcement details an auditor change, with CBIZ CPAs appointed as the new independent registered public accounting firm after Ernst & Young (Hellas) resigned. The company states there were no disagreements on accounting or audit matters. In context, OceanPal recently executed a preferred stock tender totaling about $26.9 million and launched a US$10 million buyback program, highlighting ongoing balance sheet and governance work. Investors may watch future disclosures and financial statements for continuity and execution on these capital actions.

Key Figures

Series D shares tendered: 18,996 shares Tender offer price: $1,400 per share Tender offer cost: $26.9 million +5 more

Series D shares tendered

18,996 shares

Final results of Series D preferred tender, expired Jan 8, 2026

Tender offer price

$1,400 per share

Consideration for 7.0% Series D preferred stock tender offer

Tender offer cost

$26.9 million

Aggregate cost to purchase tendered Series D shares, excluding fees

Accrued dividend estimate

$16.33 per share

Estimated accrued and unpaid dividends payable at settlement in tender

Prior dividend

$17.50 per share

Dividend paid for July 15–October 14, 2025 period on October 15, 2025

Share repurchase size

US$10 million

Authorized common share repurchase program starting December 1, 2025

Current share price

$0.98

Pre-news price vs 52-week range $0.9527–$1.61

Price move

-5.77%

24h price change before publication of auditor appointment news

Historical Context

4 past events · Latest: Jan 13

4 events

1. Jan 13

   Tender results

   24h Move

   -7.2%

   Final results of Series D preferred stock self tender offer announced.

2. Dec 11

   Dividend clarification

   24h Move

   -0.7%

   Clarified accrued dividend payment terms for Series D tender offer participants.

3. Dec 03

   Tender launch

   24h Move

   +4.4%

   Announced commencement of self tender offer for Series D preferred stock.

4. Dec 01

   Share repurchase

   24h Move

   +0.7%

   Board authorized up to US$10M common share repurchase program starting Dec 1, 2025.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

independent registered public accounting firm, tender offer, cumulative convertible perpetual preferred stock, liquidation preference, +4 more

8 terms

independent registered public accounting firm regulatory

"appointed CBIZ CPAs P.C., ("CBIZ CPAs"), as the Company's independent registered public accounting firm"

An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.

tender offer financial

"announced final results of its tender offer for 7.0% Series D cumulative"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

cumulative convertible perpetual preferred stock financial

"7.0% Series D cumulative convertible perpetual preferred stock, which expired"

A cumulative convertible perpetual preferred stock is a hybrid investment that behaves like a long‑term share paying regular fixed payouts, where any missed payments pile up and must be paid later (cumulative), can be switched into common shares under set rules (convertible), and has no fixed maturity date (perpetual). It matters to investors because it offers steadier income and higher payout priority than common stock while preserving the potential upside of converting to ordinary shares, though conversion can dilute existing owners—think of it as a mix between a bond’s steady coupons and a stock’s growth option.

liquidation preference financial

"The Series D has a $1,000 liquidation preference per share and $0.01 par value."

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

par value financial

"The Series D has a $1,000 liquidation preference per share and $0.01 par value."

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

options strategy financial

"repurchases will be funded by premiums generated from its options strategy and"

An options strategy is a planned way investors use options—contracts that give the right to buy or sell a stock at a set price—to achieve goals like protecting a portfolio, generating income, or speculating on price moves. Like combining insurance, coupons and wagers into a single plan, these strategies change potential gains, losses and the cash needed, so they matter because they can limit risk, magnify returns or create steady income depending on how they’re structured.

View in glossary

PIPE transaction financial

"that a recent PIPE transaction and strong balance sheet provide flexibility"

A PIPE transaction is when a publicly traded company sells new shares or convertible securities directly to a select group of private investors, rather than through a public offering. It’s essentially a quick way for a company to raise cash, but it can dilute existing shareholders and often involves a price discount, so investors watch PIPEs for their potential impact on share value and ownership stakes—like a private top-up that changes the size of everyone’s slice of the pie.

share repurchase program financial

"announced a board-authorized share repurchase program to buy back up to US$10"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, Jan. 30, 2026 /PRNewswire/ -- OceanPal Inc. ("OP" or "the Company", NASDAQ: SVRN) today announced that its Board of Directors has appointed CBIZ CPAs P.C., ("CBIZ CPAs"), as the Company's independent registered public accounting firm effective immediately.

This appointment was made following a comprehensive evaluation process conducted by the Audit Committee.

CBIZ CPAs replaced Ernst & Young (Hellas) Certified Auditors Accountants S.A., who resigned as the Company's previous independent registered public accounting firm on October 28, 2025. The decision to hire new auditors was approved by the Board of Directors and was not the result of any disagreement between the Company and Ernst & Young (Hellas) Certified Auditors Accountants S.A. on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. See the accompanying 6K filing for further details here.

About OceanPal Inc.

OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. OP 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.

About SVRN

SVRN (NASDAQ: SVRN) fuels the growth of AI infrastructure that enables agents to act autonomously and securely. SVRN actively manages a treasury of NEAR—the network powering this infrastructure—generating returns that fund universal liquidity and AI privacy technologies. SVRN bridges these innovations to the enterprise, driving commercial adoption so businesses can deploy AI solutions that protect sensitive data and execute complex actions across any network. A subsidiary of OceanPal, Inc., SVRN has raised $120M and disclosed NEAR holdings of more than $133M.

To learn more about SVRN, please visit: https://www.svrn.net/ 

Media Contact: svrn@mgroupsc.com 

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are statements other than historical facts and include, without limitation, future announcements and priorities, expectations regarding management, corporate governance, market position, business strategies, future financial and operating performance, and other projections or statements of plans and objectives.

These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors—many of which are beyond SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of NEAR; and other risks and uncertainties described under "Risk Factors" in SVRN's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. SVRN undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

View original content:https://www.prnewswire.com/news-releases/oceanpal-inc-announces-engagement-of-cbiz-cpas-pc-as-new-independent-registered-public-accounting-firm-302675043.html

SOURCE OceanPal Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is OceanPal's new auditor and when did the change take effect for SVRN?

The new auditor is CBIZ CPAs P.C., effective immediately on January 30, 2026. According to the company, the Board appointed CBIZ CPAs after an Audit Committee evaluation and the change replaces Ernst & Young (Hellas) following its October 28, 2025 resignation.

Did OceanPal (SVRN) report any disagreement with the prior auditor Ernst & Young (Hellas)?

No, OceanPal reported there was no disagreement with the prior auditor on accounting or auditing matters. According to the company, the Board approved the auditor change and said it was not due to any disagreement on financial statement disclosure or audit scope.

Why did OceanPal (SVRN) hire CBIZ CPAs as its independent registered public accounting firm?

OceanPal hired CBIZ CPAs after a comprehensive evaluation conducted by the Audit Committee. According to the company, the selection followed the committee's review and Board approval, with the prior auditor having resigned on October 28, 2025.

Will the change to CBIZ CPAs affect OceanPal's (SVRN) financial statements or accounting policies?

The company indicated the auditor change was not due to differences in accounting principles or practices. According to OceanPal, the change reflects the Board and Audit Committee decision and does not stem from disagreements over accounting or disclosure.

Where can investors find more details about OceanPal's auditor change for SVRN?

Investors can review the company's related SEC Form 6-K filing for full details about the auditor appointment and resignation. According to the company, the 6-K contains the formal disclosures and dates surrounding the change.