OceanPal (OP) Prices 15.57M Share Offering at $0.77/sh

January 21, 2022 5:23 AM EST

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OceanPal Inc. (NASDAQ: OP), a global shipping company specializing in the ownership of vessels, announced today the pricing of an underwritten public offering consisting of 15,571,429 units at a price of US$0.77 per unit, each unit consisting of one share of common stock (or one pre-funded warrant in lieu of one share of common stock) and one Class A warrant to purchase one share of common stock, which will immediately separate upon issuance. In addition, certain selling stockholders affiliated with the Company are selling 628,571 shares of common stock. Each share of common stock sold by a selling stockholder will be sold with one Class A warrant to purchase one share of common stock. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately US$11,990,000. The Company intends to use the net proceeds of the offering for general corporate purposes, including for the potential future acquisition of vessels. The Company will not receive any of the gross proceeds from the sale of shares of common stock by the selling shareholders.

Each Class A warrant is immediately exercisable for one share of common stock at an exercise price of US$0.77 per share and will expire five years from issuance. The offering is expected to close on or about January 25, 2022, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager in connection with the offering.

The Company and the selling stockholders have granted the underwriter a 45-day option to purchase up to an aggregate of 2,430,000 additional shares of common stock, of which 1,148,577 may first be purchased from the selling stockholders and 1,281,423 may thereafter be purchased from the Company, and/or up to 1,281,423 prefunded warrants and/or 2,430,000 Class A warrants, at the public offering price less discounts and commissions.

The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-262129) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on January 20, 2022 (the “Registration Statement”). A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.



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