OceanPal Inc. Announces Final Results of Tender Offer for its Series D Preferred Stock

OceanPal (NASDAQ: SVRN) announced final results of its tender offer for 7.0% Series D cumulative convertible perpetual preferred stock, which expired January 8, 2026.

Rhea-AI Summary

OceanPal (NASDAQ: SVRN) announced final results of its tender offer for 7.0% Series D cumulative convertible perpetual preferred stock, which expired January 8, 2026.

Computershare counted 18,996 shares validly tendered and the company expects to accept all such shares at $1,400 per share plus accrued dividends, for an aggregate cost of approximately $26.9 million excluding offer fees. OceanPal said it will promptly pay for all accepted shares.

Positive

• 18,996 shares of Series D preferred tendered
• Company to repurchase at $1,400 per share
• Aggregate cash outlay of approximately $26.9M

Negative

• Cash outflow of $26.9M (excluding fees) may reduce liquidity
• Offer price exceeds $1,000 liquidation preference per share

Argus Jan 13 session

-7.20% close to close Open Argus

Details

News Market Reaction – SVRN

On Jan 13, the day this news came out, SVRN closed 7.20% below the previous close.

Data tracked by StockTitan Argus for the Jan 13 session.

Market Context

On Jan 13, the day this news came out, the stock closed 7.2% below the previous close. A negative re...

Analysis

On Jan 13, the day this news came out, the stock closed 7.2% below the previous close. A negative reaction despite the mechanical nature of final tender results would fit periods where clarifications or follow-up actions around capital return generated only modest or mixed moves, such as the -0.74% response to the December dividend clarification. While the Series D preferred purchase at $1,400 per share and $26.9 million total cost confirmed prior terms, investors could have focused on cash deployment trade-offs and the already weak common share price relative to the 52-week range.

Key Figures

Shares tendered: 18,996 shares Coupon rate: 7.0% Par value: $0.01 per share +5 more

Shares tendered

18,996 shares

Series D preferred validly tendered and not withdrawn

Coupon rate

7.0%

Series D cumulative convertible perpetual preferred stock

Par value

$0.01 per share

Series D preferred par value

Liquidation preference

$1,000 per share

Series D preferred liquidation preference

Tender price

$1,400 per share

Cash consideration in tender offer for Series D preferred

Aggregate cost

$26.9 million

Total purchase cost for tendered Series D shares, excluding fees

Offer expiration time

5:00 P.M. Eastern

Tender offer expiration on January 8, 2026

Offer expiration date

January 8, 2026

Tender offer end date for Series D preferred

Historical Context

3 past events · Latest: Dec 11

3 events

1. Dec 11

   Dividend clarification

   24h Move

   -0.7%

   Clarified expected accrued dividends within ongoing preferred tender offer.

2. Dec 03

   Tender offer launch

   24h Move

   +4.4%

   Announced self tender for Series D preferred at $1,400 plus accrued dividends.

3. Dec 01

   Buyback program

   24h Move

   +0.7%

   Authorized up to US$10M common stock repurchases funded by options strategy.

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

Key Terms

tender offer, cumulative convertible perpetual preferred stock, par value, liquidation preference, +1 more

5 terms

tender offer financial

"announces today the final results of its tender offer (the "Offer"), which expired"

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, par value $0.01"

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.

par value financial

"Preferred Stock, par value $0.01 per share, with a $1,000 liquidation"

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.

liquidation preference financial

"par value $0.01 per share, with a $1,000 liquidation preference per share"

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.

depositary financial

"final count by Computershare Trust Company, N.A., the depositary for the Tender Offer"

A depositary is a financial institution that holds and safeguards financial assets, such as stocks or bonds, on behalf of investors. It ensures that ownership records are accurate and that transactions are processed securely. For investors, a depositary provides a trustworthy way to manage their investments, similar to a secure vault that keeps valuables safe and organized.

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

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ATHENS, Greece, Jan. 13, 2026 /PRNewswire/ -- OceanPal Inc. ("OceanPal" or "OP", NASDAQ: SVRN), announces today the final results of its tender offer (the "Offer"), which expired at 5:00 P.M. Eastern time on January 8, 2026.

Based on the final count by Computershare Trust Company, N.A., the depositary for the Tender Offer, 18,996 shares of the Company's 7.0% Series D Cumulative Convertible Perpetual Preferred Stock, par value $0.01 per share, with a $1,000 liquidation preference per share (the "Shares") have been validly tendered for purchase in the Offer and not properly withdrawn prior to expiration of the Offer. The Company expects to accept all of these Shares for purchase in accordance with the terms of the Offer at a price of $1,400 per Share plus accrued dividends, for an aggregate cost of approximately $26.9 million excluding fees relating to the Offer. The Company will promptly pay for all of the Shares accepted for purchase.

Questions regarding the Offer should be directed to the information agent at (866) 486-7610. Parties outside the U.S. can reach the information agent at +1-(631) 302-5187.

About SovereignAI

SovereignAI is a wholly owned subsidiary of OP formed to implement the company's digital asset treasury strategy, and developer of confidential AI infrastructure offering a superior path to get exposure to the intersection of AI and blockchain in the public markets. SovereignAI will use NEAR Protocol's purpose-built technology to establish private, user-owned agentic commerce. Funds generated by SovereignAI's holistic treasury management strategy of NEAR tokens will be used to further the Company's goal of building unique blockchain-native AI infrastructure.

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

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. OP'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.

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 OP'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, OP'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 OP'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. OP 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-final-results-of-tender-offer-for-its-series-d-preferred-stock-302659712.html

SOURCE OceanPal Inc.

FAQ

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

How many Series D preferred shares did OceanPal (SVRN) accept in the January 2026 tender offer?

OceanPal expects to accept 18,996 shares tendered in the offer that expired January 8, 2026.

What price did OceanPal (SVRN) pay per share in the January 2026 tender offer?

OceanPal expects to pay $1,400 per share plus accrued dividends for each accepted Series D share.

What is the total cost to OceanPal (SVRN) for the January 2026 tender offer?

The aggregate cost is approximately $26.9 million, excluding fees related to the offer.

When did OceanPal's (SVRN) tender offer for Series D preferred stock expire?

The tender offer expired at 5:00 P.M. Eastern on January 8, 2026.

Who counted the final tenders for OceanPal's (SVRN) January 2026 offer?

Computershare Trust Company, N.A. served as the depositary and provided the final count.