OceanPal Announces One-for-Twenty Reverse Split Reducing Shares by 95%
OceanPal Inc. will effect a one-for-twenty reverse stock split on March 30, 2026, consolidating approximately 37.5 million outstanding shares into about 1.88 million shares. The move aims to restore compliance with NASDAQ’s minimum bid price rule, with fractional shares cashed out at the March 27 closing price.
1. Details of the Reverse Stock Split
The Company’s board approved a one-for-twenty reverse split effective at the opening of Nasdaq trading on March 30, 2026, reducing outstanding common shares from approximately 37,517,290 to about 1,875,864. No fractional shares will be issued; fractional interests will be converted to cash at the March 27 closing price.
2. Nasdaq Compliance Plan and Hearings
The reverse split is part of OceanPal’s strategy to meet NASDAQ Listing Rule 5550(a)(2) minimum bid price requirements and support its case before an independent Hearings Panel under Listing Rule 5815(a). The company intends to present the split as a key component of its compliance plan to avoid potential delisting actions.