OceanPal Inc. Announces Pricing of Upsized US$18.0 Million Public Offering
OceanPal (NASDAQ: OP) has announced the pricing of its upsized public offering of 10,975,600 units at US$1.64 per unit, expected to raise approximately US$18.0 million in gross proceeds. Each unit includes one common share and one warrant to purchase an additional common share.
The warrants will have a three-year expiration period and will be immediately exercisable at an initial exercise price of 225% of the public offering price, with adjustment provisions and a zero-cash exercise option allowing exchange of each warrant for two common shares. The offering is expected to close on July 22, 2025, with Maxim Group LLC serving as the sole book-running manager.
OceanPal (NASDAQ: OP) ha annunciato il prezzo della sua offerta pubblica aumentata di 10.975.600 unit脿 a 1,64 USD per unit脿, con un ricavato lordo previsto di circa 18,0 milioni di USD. Ogni unit脿 comprende un'azione ordinaria e un warrant per acquistare un'azione ordinaria aggiuntiva.
I warrant avranno una durata di tre anni e saranno esercitabili immediatamente a un prezzo iniziale di esercizio pari al 225% del prezzo dell'offerta pubblica, con clausole di aggiustamento e un'opzione di esercizio senza esborso di denaro che consente di scambiare ogni warrant con due azioni ordinarie. L'offerta dovrebbe concludersi il 22 luglio 2025, con Maxim Group LLC come unico gestore del libro ordini.
OceanPal (NASDAQ: OP) ha anunciado el precio de su oferta p煤blica aumentada de 10.975.600 unidades a 1,64 USD por unidad, con una recaudaci贸n bruta estimada de aproximadamente 18,0 millones de USD. Cada unidad incluye una acci贸n com煤n y un warrant para comprar una acci贸n com煤n adicional.
Los warrants tendr谩n un per铆odo de vencimiento de tres a帽os y ser谩n ejercitables inmediatamente a un precio inicial de ejercicio del 225% del precio de la oferta p煤blica, con cl谩usulas de ajuste y una opci贸n de ejercicio sin desembolso de efectivo que permite intercambiar cada warrant por dos acciones comunes. Se espera que la oferta cierre el 22 de julio de 2025, con Maxim Group LLC como 煤nico administrador del libro de 贸rdenes.
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OceanPal (NASDAQ : OP) a annonc茅 le prix de son offre publique augment茅e de 10 975 600 unit茅s 脿 1,64 USD par unit茅, visant 脿 lever environ 18,0 millions USD de produits bruts. Chaque unit茅 comprend une action ordinaire et un warrant permettant d'acheter une action ordinaire suppl茅mentaire.
Les warrants auront une dur茅e d'expiration de trois ans et seront imm茅diatement exer莽ables 脿 un prix d'exercice initial de 225 % du prix de l'offre publique, avec des clauses d'ajustement et une option d'exercice sans paiement en esp猫ces permettant d'茅changer chaque warrant contre deux actions ordinaires. L'offre devrait se cl么turer le 22 juillet 2025, avec Maxim Group LLC en tant que gestionnaire unique du livre d'ordres.
OceanPal (NASDAQ: OP) hat die Preisfestsetzung seiner aufgestockten 枚ffentlichen Angebots von 10.975.600 Einheiten zu je 1,64 USD bekannt gegeben, mit einem erwarteten Bruttoerl枚s von etwa 18,0 Millionen USD. Jede Einheit umfasst eine Stammaktie und einen Warrant zum Kauf einer zus盲tzlichen Stammaktie.
Die Warrants haben eine Dreijahreslaufzeit und sind sofort aus眉bbar zu einem anf盲nglichen Aus眉bungspreis von 225 % des 枚ffentlichen Angebotspreises, mit Anpassungsklauseln und einer Barzahlung-freien Aus眉bungsoption, die den Tausch jedes Warrants gegen zwei Stammaktien erm枚glicht. Das Angebot soll am 22. Juli 2025 abgeschlossen werden, wobei Maxim Group LLC als alleiniger Bookrunner fungiert.
- None.
- Potential dilution for existing shareholders through unit offering
- Additional dilution risk through warrant exercise provisions
Insights
OceanPal's $18M public offering signals significant dilution with complex warrant structure, raising capital at potential shareholder expense.
The $18 million public offering from OceanPal represents a significant capital raising event, but investors should pay careful attention to the structure and implications. At $1.64 per unit, the company is issuing nearly 11 million units, each containing both a common share and a warrant. This structure substantially increases potential dilution beyond the initial share count.
The warrant terms reveal important details: they're exercisable immediately at 225% of the offering price (approximately $3.69), but include concerning reset provisions that could adjust this price downward at two future dates. The floor price mechanism offers minimal protection against extreme dilution. Most concerning is the "zero cash exercise option" allowing warrant holders to exchange each warrant for two common shares without additional payment, doubling the dilutive impact.
This financing appears designed to maximize capital raising flexibility for OceanPal, but at potential significant expense to shareholders. The reset provisions and zero-cash exercise option suggest the company anticipates continued share price challenges. For existing shareholders, this offering will immediately dilute ownership percentage, with further dilution likely as warrants are exercised. The upsized nature of the offering (larger than initially planned) indicates strong demand, but likely from investors attracted by the favorable warrant terms rather than fundamental company strength.
ATHENS, Greece, July 21, 2025 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the 鈥淐ompany鈥�), a global shipping company specializing in the ownership of vessels, today announced the pricing of its upsized public offering of 10,975,600 units at a public offering price of US
Each Warrant will expire three (3) years from the issuance, will be immediately exercisable upon issuance at an initial exercise price equal to
Gross proceeds to the Company, before deducting placement agent鈥檚 fees and other offering expenses, are expected to be approximately US
Maxim Group LLC is acting as sole book-running manager in connection with the offering.
A registration statement on Form F-1 (File No. 333-288153) was filed with the U.S. Securities and Exchange Commission (鈥淪EC鈥�) and was declared effective by the SEC on July 21, 2025 and a registration statement on Form F-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective on July 21, 2025. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC鈥檚 website at . The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, when available, may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About the Company
OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products. OceanPal鈥檚 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.聽
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. The words 鈥渂elieve,鈥� 鈥渁nticipate,鈥� 鈥渋ntends,鈥� 鈥渆stimate,鈥� 鈥渇orecast,鈥� 鈥減roject,鈥� 鈥減lan,鈥� 鈥減otential,鈥� 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渆xpect,鈥� 鈥減ending鈥� and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management鈥檚 examination of historical operating trends, data contained in the Company鈥檚 records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company鈥檚 control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company鈥檚 view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company鈥檚 operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company鈥檚 vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine 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 factors. Please see the Company鈥檚 filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Corporate Contact: Margarita Veniou Chief Corporate Development and Governance Officer and Secretary Telephone: +30-210-9485-360 Email: [email protected] Website: www.oceanpal.com X: @OceanPal_Inc Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: [email protected]
FAQ
What is the size and price of OceanPal's (OP) public offering in July 2025?
What are the key terms of OP's warrants in the July 2025 offering?
When will OceanPal's (OP) July 2025 public offering close?
Who is managing OceanPal's July 2025 public offering?
How will the proceeds from OP's offering be used?
