OceanPal Inc. Announces Receipt of Nasdaq Notice
ATHENS, Greece, March 11, 2022 (GLOBE NEWSWIRE) — OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in vessel ownership, today announced that it has received written notification from the Nasdaq Stock Market (“Nasdaq”) dated March 8, 2022, indicating that because the closing bid price of the common stock of the Company for 30 consecutive business days, from January 21, 2022 through March 7, 2022, was below the minimum of $1.00 per share the offering price requirement for continued Nasdaq Capital Markets listing, the Company is not in compliance with Nasdaq Listing Rule 5550(a)( 2). Per Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to restore compliance is 180 days, or until September 5, 2022.
The Company intends to monitor the closing bid price of its common stock during this grace period and will review its options to restore compliance with the Nasdaq Capital Market‘s minimum bid price requirement. The Company may remedy this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the grace period. If the Company does not regain compliance within the 180-day grace period and meets all other standards and listing requirements, the Company may be eligible for an additional 180-day grace period.
The Company intends to make good the shortfall within the prescribed grace period. During this period, the Company’s common stock will continue to be listed and traded on the Nasdaq Capital Market. The business activities of the Company are not affected by the receipt of the notification.
About the company
OceanPal Inc. is a global provider of shipping services through its ownership of vessels. The Company’s vessels currently transport a range of dry bulk cargoes including commodities such as iron ore, coal, grain and other materials along global shipping lanes and it is expected that the vessels of the Company will primarily be employed on short term charters and travel after the completion of their current employment.
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 to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements.
The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “may”, “should”, “expect to”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, the company’s management’s review of trends historical operating records, data contained in company records and other available data. of 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’s control, the Company does not cannot assure you that it will meet or achieve these expectations. , beliefs or projections.
In addition to these important factors, other important factors that the Company believes could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic, including the impacts of the pandemic and of business and government responses to the pandemic on our operations, our people and on demand for bulk shipping; the strength of global economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in shipping costs, Company’s operations, including bunker prices, dry docking and insurance costs, the market for the Company’s vessels, the availability of financing and refinancing, changes in government rules and regulations or actions taken by regulatory authorities, potential liability arising from pending or future litigation, general national and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and non-hiring cases and other factors. Please see the Company’s filings with the United States Securities and Exchange Commission for a fuller 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 statement, whether as a result of new information, future events or otherwise.