OceanPal Inc. Receives Nasdaq Notification Regarding Late Filing of Form 20-F

OceanPal (NASDAQ: SVRN) received a Nasdaq delinquency notification on May 19, 2026 for not timely filing its Form 20-F for the year ended December 31, 2025.

Rhea-AI Summary

OceanPal (NASDAQ: SVRN) received a Nasdaq delinquency notification on May 19, 2026 for not timely filing its Form 20-F for the year ended December 31, 2025.

The notice does not immediately affect the listing or trading of the common shares. OceanPal has 60 days, until July 20, 2026, to submit a compliance plan and may receive up to 180 days, until October 27, 2026, to regain compliance.

Positive

• Nasdaq notification has no immediate effect on SVRN listing or trading
• Company may receive up to 180 days, until October 27, 2026, to comply
• OceanPal states its intention to resolve the filing issue in a timely fashion

Negative

• Company is non-compliant with Nasdaq Listing Rule 5250(c)(1) due to late Form 20-F
• OceanPal must submit a compliance plan to Nasdaq by July 20, 2026
• Risk of further Nasdaq action if compliance is not regained by allowed deadlines

Argus May 26 session

-3.31% close to close Open Argus

Details

News Market Reaction – SVRN

On May 26, the first trading day after this news, SVRN closed 3.31% below the previous close.

Data tracked by StockTitan Argus for the May 26 session.

Market Context

This announcement highlights a Nasdaq notice tied to OceanPal’s delayed Form 20-F for the year ended...

Analysis

This announcement highlights a Nasdaq notice tied to OceanPal’s delayed Form 20-F for the year ended December 31, 2025. The company retains its Nasdaq Capital Market listing while it has 60 days to submit a compliance plan, with a possible extension to October 27, 2026. In the past six months, investors have seen multiple listing and capital-structure actions, so monitoring filing progress and further Nasdaq communications remains important.

Key Figures

Compliance plan window: 60 calendar days Initial compliance deadline: July 20, 2026 Maximum extension period: 180 calendar days +2 more

Compliance plan window

60 calendar days

Time from May 19, 2026 to submit plan to Nasdaq

Initial compliance deadline

July 20, 2026

Deadline to submit Nasdaq compliance plan

Maximum extension period

180 calendar days

Potential extension from original Form 20-F due date

Final compliance date

October 27, 2026

Latest possible date to regain compliance if exception granted

Fiscal year-end

December 31, 2025

Year-end for the delayed Form 20-F

Historical Context

5 past events · Latest: May 13

5 events

1. May 13

   AGM announcement

   24h Move

   -11.3%

   Set date, time, and record date for 2026 Annual General Meeting.

2. Apr 16

   Nasdaq compliance

   24h Move

   -3.4%

   Confirmed regaining compliance with Nasdaq minimum bid price requirement.

3. Apr 09

   Share buybacks

   24h Move

   +0.0%

   Disclosed share repurchases and remaining capacity under $10M buyback program.

4. Mar 26

   Earnings & guidance

   24h Move

   +50.0%

   Reported 2025 results and 2026 Adjusted EBITDA guidance tied to NEAR scenarios.

5. Mar 26

   Reverse stock split

   24h Move

   +50.0%

   Announced one-for-twenty reverse split aimed at restoring Nasdaq bid compliance.

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

Key Terms

form 20-f, nasdaq listing rule 5250(c)(1), nasdaq capital market, listing qualifications department

4 terms

form 20-f regulatory

"not having timely filed its Annual Report on Form 20-F for the fiscal year"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

nasdaq listing rule 5250(c)(1) regulatory

"non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the"

Nasdaq Listing Rule 5250(c)(1) requires companies listed on the Nasdaq stock exchange to promptly notify the exchange if their stock price falls below a certain minimum level, known as the "initial listing standards." This rule helps ensure that investors are aware of significant declines in a company's stock value, which could signal financial trouble or increased risk. Essentially, it helps maintain transparency and protect investors by keeping them informed about important changes in a company's stock performance.

nasdaq capital market regulatory

"listing or trading of the Company's common shares on the Nasdaq Capital Market"

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

listing qualifications department regulatory

"delinquency notification letter from the Listing Qualifications Department of Nasdaq"

A listing qualifications department is the part of a stock exchange that checks whether a company meets the exchange’s rules for being listed and staying listed. Think of it as a gatekeeper or building inspector: it reviews financial statements, disclosure practices and corporate governance, flags problems and can require fixes or remove a company’s shares. Investors care because its decisions affect whether a stock remains tradable and how much trust to place in a company’s reporting.

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

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ATHENS, Greece, May 22, 2026 /PRNewswire/ -- OceanPal Inc. (NASDAQ: SVRN) (the "Company" or "OceanPal") today announced that on May 19, 2026 it received a delinquency notification letter (the "Notification") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") regarding the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company's not having timely filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the "Form 20-F").

The Notification has no immediate effect on the listing or trading of the Company's common shares on the Nasdaq Capital Market, which trades under the symbol "SVRN." Pursuant to the Notification, the Company has 60 calendar days from the date of receipt, or until July 20, 2026, to submit a plan to Nasdaq to regain compliance. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an exception of up to 180 calendar days from the Form 20-F's original due date, or until October 27, 2026, to regain compliance. The Company intends to resolve the issue in a timely fashion which may include the submission compliance plan to Nasdaq prior to the deadline.

About OceanPal Inc.

OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels—two Panamax dry bulk carriers and one MR2 product tanker—engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.

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. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intent and ability to submit a compliance plan to Nasdaq on or before July 20, 2026; the Company's ability to regain compliance with Nasdaq Listing Rule 5250(c)(1) within the timeframes described in the Notification; the timing of the Company's filing of its Form 20-F; and the continued listing of the Company's common shares on the Nasdaq Capital Market.

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 OceanPal's and 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, Nasdaq's acceptance or rejection of any compliance plan submitted by the Company; 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; changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities; general domestic and international political conditions 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 risks and uncertainties described under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at www.sec.gov. OceanPal and SVRN undertake 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 applicable law.

View original content:https://www.prnewswire.com/news-releases/oceanpal-inc-receives-nasdaq-notification-regarding-late-filing-of-form-20-f-302780169.html

SOURCE OceanPal Inc.

FAQ

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

Why did OceanPal (NASDAQ: SVRN) receive a Nasdaq notification on May 19, 2026?

OceanPal received the notification because it did not timely file its Annual Report on Form 20-F for the year ended December 31, 2025. According to OceanPal, this delay triggered non-compliance with Nasdaq Listing Rule 5250(c)(1).

Does the Nasdaq delinquency notice affect trading of OceanPal (SVRN) shares?

The Nasdaq notice has no immediate effect on the listing or trading of OceanPal’s common shares. According to OceanPal, the stock continues to trade on the Nasdaq Capital Market under the symbol SVRN during the compliance period.

How long does OceanPal (SVRN) have to regain Nasdaq compliance after the late Form 20-F?

OceanPal has 60 days from May 19, 2026, until July 20, 2026, to submit a compliance plan. According to OceanPal, Nasdaq may then grant up to 180 days from the original due date, until October 27, 2026, to regain compliance.

What steps can OceanPal (SVRN) take to address the Nasdaq late filing notice?

OceanPal can submit a plan to Nasdaq explaining how it will regain timely reporting compliance. According to OceanPal, it intends to resolve the issue in a timely fashion, which may include submitting this compliance plan before the July 20, 2026 deadline.

What is Nasdaq Listing Rule 5250(c)(1) and how is OceanPal (SVRN) affected?

Nasdaq Listing Rule 5250(c)(1) requires timely filing of periodic financial reports with the SEC. According to OceanPal, failure to file its Form 20-F for 2025 on time led to the current non-compliance and the resulting Nasdaq notification.

What is the latest date for OceanPal (SVRN) to regain compliance with its Form 20-F filing?

If Nasdaq accepts OceanPal’s plan, the company may have until October 27, 2026, to regain compliance. According to OceanPal, this represents up to 180 calendar days from the Form 20-F’s original due date.