OceanPal Inc. Announces Pricing of Approximately US$15.2 Million Public Offering

ATHENS, Greece, Feb. 08, 2023 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, announced today the pricing of a public offering of 15,000,000 units with each unit consisting of one common share (or one pre-funded warrant in lieu of one common share) and one Class B warrant to purchase one common share (the “Offering”). The Company, concurrently with the Offering, is conducting a private placement with the placement agent for additional unregistered warrants to purchase 15,000,000 common shares. The Class B warrants and the privately placed warrants have an exercise price of US$1.01 per common share, are exercisable immediately, and expire five years after the issuance date. Alternatively, each privately placed warrant will become exercisable for 0.75 common shares under the cashless exercise provision included in the privately placed warrants rather than one common share under the cash exercise provision. The Company expects to receive gross proceeds of approximately US$15.15 million from the Offering, before deducting placement agent fees and commissions and other estimated Offering expenses. The Company intends to use the net proceeds of the Offering for general corporate purposes, including for the potential future acquisition of vessels.

The Offering is expected to close on or about February 10, 2023, subject to customary closing conditions.

Maxim Group LLC is acting as the sole placement agent in connection with the Offering.

The Offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-264167) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on February 8, 2023 (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 [phone].

The privately placed warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the common shares underlying the privately placed warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the privately placed warrants and underlying common shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.