OceanPal (OP) director discloses Series C preferred position and conversion

Rhea-AI Filing Summary

OceanPal Inc. director Nikolaos Veraros filed an initial ownership report showing a position in the company’s 8% Series C cumulative convertible perpetual preferred shares. He holds 397 Series C preferred shares, which are currently convertible into 634,489 shares of common stock based on a VWAP calculation as of March 17, 2026, subject to ownership restrictions that prevent him from exceeding 49% of OceanPal’s total issued and outstanding shares.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Veraros Nikolaos

(Last) (First) (Middle)

PENDELIS 26, PALAIO FALIRO

(Street)

ATHENS 175 64

(City) (State) (Zip)

GREECE

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
OceanPal Inc. [ SVRN ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
8% Series C Cum. Con. Perpetual Preferred Shares	(1)	(1)	Common Stock	634,489	(1)	D

Explanation of Responses:

1. The Reporting Person owns 397 shares of the Series C Preferred Stock granted pursuant to the Issuer's 2021 Equity Incentive Plan, as amended and restated. 397 shares of Series C Preferred Stock, convertible into an aggregate of 634,489 shares of common stock based on a VWAP calculation as of March 17, 2026. The shares of Series C Preferred Stock are convertible at the Reporting Person's option, giving effect to certain ownership restrictions contained in the Series C Preferred Stock's statement of designation and a Shareholder's Covenant Agreement, including that the shares of Series C Preferred Stock shall not be convertible into the Issuers' Shares to the extent that such conversion would result in the Reporting Person becoming the beneficial owner of more than 49% of the total issued and outstanding Shares among other restrictions.

	/s/ Nikolaos Veraros	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the OceanPal (OP) Form 3 filed by Nikolaos Veraros show?

The Form 3 shows director Nikolaos Veraros reporting initial ownership of 8% Series C preferred shares. He holds 397 Series C shares, convertible into 634,489 common shares based on a VWAP calculation as of March 17, 2026.

How many OceanPal (OP) common shares could Nikolaos Veraros receive from his Series C preferred stock?

Veraros’s 397 Series C preferred shares are currently convertible into 634,489 OceanPal common shares. This conversion amount is based on a VWAP calculation as of March 17, 2026, according to the ownership disclosure footnote.

What ownership limits apply to Nikolaos Veraros’s OceanPal (OP) Series C preferred shares?

The Series C preferred shares are subject to ownership restrictions. They cannot be converted if that conversion would make Veraros the beneficial owner of more than 49% of OceanPal’s total issued and outstanding shares, among other stated limitations.

Is the OceanPal (OP) Form 3 for Nikolaos Veraros a buy or sell transaction?

The Form 3 is an initial ownership report, not a buy or sell transaction. It records Veraros’s existing holdings of 8% Series C preferred stock and the related 634,489 underlying common shares, rather than reporting new market trades.

Under what plan were Nikolaos Veraros’s OceanPal (OP) Series C preferred shares granted?

The 397 Series C preferred shares held by Veraros were granted under OceanPal’s 2021 Equity Incentive Plan, as amended and restated. These incentive-plan shares are the source of his currently disclosed convertible preferred position.

What type of security does OceanPal (OP) director Nikolaos Veraros hold according to the Form 3?

Veraros holds 8% Series C cumulative convertible perpetual preferred shares of OceanPal. These preferred shares are convertible into common stock, with 397 preferred shares corresponding to 634,489 underlying common shares based on the stated VWAP-based conversion.