OceanPal Inc. (NASDAQ: SVRN), now legally renamed SVRN, Inc., reports completion of its shift from a dry bulk shipping company to a NEAR-focused digital asset and infrastructure business. The legal name change became effective August 27, 2026, aligning the corporate entity with the SVRN brand used since November 2025.
SVRN now manages what it describes as the only publicly traded NEAR digital asset treasury, holding more than 55.5 million NEAR tokens with institutional staking and qualified custody. In July 2026 it sold its shipping business, retired all Series C preferred stock, and eliminated all outstanding debt with no cash paid, no stock issued, and no NEAR sold. The company also launched a public dashboard showing its NEAR holdings, mNAV, and methodology, supporting transparency around progress toward its stated target of accumulating 10% of the NEAR token supply over time.
OceanPal Inc. director Nikolaos Veraros reported a disposition to the issuer of 397 8% Series C Cumulative Convertible Perpetual Preferred Shares on July 31, 2026. These were transferred to OceanPal for cancellation and were tied to 634489 underlying common shares. After this transaction he beneficially owns no securities of the company.
OceanPal Inc. director Eleftherios Papatrifon reported a disposition of all his 8% Series C Cumulative Convertible Perpetual Preferred Shares. On July 31, 2026, he transferred 2,084 Series C preferred shares to OceanPal for cancellation, eliminating 3,330,669 underlying common shares. Following this transaction, he beneficially owns 23,529 shares of OceanPal common stock.
OceanPal Inc. director Alexios Chrysochoidis transferred 383 8% Series C cumulative convertible perpetual preferred shares to the company on July 31, 2026 for cancellation. These derivative securities represented 612,114 underlying common shares. After this disposition to the issuer, he no longer beneficially owns any OceanPal securities.
OceanPal Inc. shareholder Semiramis Paliou, together with affiliated entities, reports a reduced stake in the company’s common stock. As of July 31, 2026, 4 Sweet Dreams S.A. holds 70,082 OceanPal common shares, which Paliou may be deemed to beneficially own indirectly.
These 70,082 Shares represent 3.74% of OceanPal’s 1,875,816 common shares outstanding as of that date, meaning the reporting persons have ceased to be beneficial owners of more than five percent of the company’s stock. They also transferred all of their Series C Preferred Stock to the issuer for cancellation and report no additional plans regarding OceanPal’s corporate actions.
Eleftherios Papatrifon, a member of OceanPal Inc.’s Board of Directors and Executive Committee, reports beneficial ownership of 23,529 shares of common stock, representing 1.25% of the company’s 1,875,816 Shares outstanding as of July 31, 2026.
He sold all of his Series D Preferred Stock to OceanPal on December 1, 2025 pursuant to a promissory note and transferred all of his Series C Preferred Stock to the company for cancellation on July 31, 2026, so he no longer holds any of these preferred shares and has ceased to be a beneficial owner of more than five percent of the common stock. He may still acquire or dispose of common shares in the future and remains engaged with management, other directors and significant shareholders on alternatives to increase shareholder value.
OceanPal Inc. reporting persons Abra Marinvest Inc. and Ioannis Zafirakis filed Amendment No. 24 to their Schedule 13D stating they no longer beneficially own any securities of the company.
They sold all common Shares by March 19, 2026 and on July 31, 2026 transferred all of their Series C Preferred Stock to OceanPal for cancellation. As of July 31, 2026 they report beneficial ownership of 0 Shares, representing 0% of the common stock, and characterize this amendment as a final exit filing from more than 5% ownership.
OceanPal Inc. completed a strategic transaction on July 31, 2026, selling 100% of the membership interests in OP Vessel Holdco LLC, its vessel-owning subsidiary, to Sezali Inc. The consideration consisted entirely of the cancellation of all 12,185 outstanding shares of its 8.0% Series C Cumulative Convertible Perpetual Preferred Stock and the cancellation of $5.0 million of outstanding promissory notes; no cash was paid, no common shares were issued, and no NEAR tokens were sold.
This deal completes OceanPal’s exit from the shipping business, leaving it with no ownership interest or operating obligations related to OP Vessel Holdco LLC, its subsidiaries, the vessels m/v Calipso, m/v Melia, m/t Zeze Start, or the joint venture RFSea Infrastructure II AS. The capital structure now consists of common stock and only 412 shares of 7.0% Series D Cumulative Convertible Perpetual Preferred Stock with economic rights, and no debt for borrowed money at any level. Because Sezali Inc. is affiliated with the former Chairperson and certain directors were Series C holders, the transaction was approved by the independent disinterested members of the Board of Directors. OceanPal’s sole operating business is now SovereignAI Services LLC, which focuses on commercialization of the NEAR Protocol blockchain and infrastructure for secure, autonomous AI.
OceanPal Inc. reported that all proposals at its 2026 Annual General Meeting of Shareholders held on June 16, 2026 were approved and adopted. The company also states its intent and ability to change its corporate name from “OceanPal Inc.” to “SVRN, Inc.” upon filing an amendment with the Marshall Islands registrar.
OceanPal describes itself as a diversified operator combining global shipping with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. It holds NEAR tokens through wholly owned SovereignAI Services LLC and owns three vessels engaged in transporting bulk commodities and refined petroleum products.
OceanPal Inc. disclosed that it received a delinquency notification letter from Nasdaq on May 19, 2026 because it did not timely file its Annual Report on Form 20-F for the year ended December 31, 2025. This means the company is currently not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports.
The notice does not immediately affect the listing or trading of OceanPal’s common shares on the Nasdaq Capital Market under the symbol SVRN. OceanPal has 60 calendar days from the letter date, until July 20, 2026, to submit a plan to regain compliance. If Nasdaq accepts that plan, OceanPal may receive up to 180 calendar days from the original Form 20-F due date, until October 27, 2026, to file the report and restore compliance.