OceanPal Inc. Announces Adjournment of Annual Meeting of Shareholders
April 01 2022 - 9:17AM
OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping
company specializing in the ownership of vessels, today announced
that the Annual Meeting of Shareholders of the Company (the
“Meeting”) held in virtual format on March 31, 2022 has been
adjourned until April 5, 2022 at 9:00 a.m. Eastern Time. The
Company adjourned the Meeting for the purpose of allowing
additional time for shareholders to vote on Proposal Two, described
below and as set forth in the Company’s proxy statement for the
Meeting, dated February 24, 2022 (the “Proxy”). The business
scheduled for the re-convened Meeting remains the same as set forth
in the Proxy.
At the Meeting, shareholders of the Company will
consider and vote to (i) elect three Class I Directors (Proposal
One), (ii) approve one or more amendments to the Company’s amended
and restated articles of incorporation to effect one or more
reverse stock splits of its common shares, each at a ratio of not
less than one-for-two and not more than one-for-10 and in the
aggregate at a ratio of not more than one-for-40 (Proposal Two),
and (iii) approve the appointment of Ernst & Young (Hellas)
Certified Auditors Accountants S.A. as the Company’s independent
auditors for the fiscal year ending December 31, 2022 (Proposal
Three).
If you have already voted your shares,
you do not need to vote again and we thank you for your support. If
you have voted against Proposal Two or abstained, we urge you to
reconsider your vote, and vote in favor of Proposal Two. The Board
believes the proposed reverse stock split is in the best interests
of the Company’s shareholders as it enables the Company to
reestablish compliance with Nasdaq’s minimum bid price requirement,
however there is no guarantee that it will maintain such
compliance.
All shareholders of record as of February 17,
2022, who have not already done so are encouraged to vote on the
proposals. Shareholders who have already voted need not take any
further action.
The Meeting will be held in a virtual format
only via the Internet at
www.virtualshareholdermeeting.com/OP2022.
About the Company
OceanPal Inc. is a global provider of shipping
transportation services through its ownership of vessels. The
Company’s vessels currently transport a range of dry bulk cargoes,
including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes and it is expected that
the Company’s vessels will be primarily employed on short term time
and voyage charters following the completion of their current
employments.
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 “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” 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’s examination of historical
operating trends, data contained in the Company’s 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’s 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’s view, 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 impacts of the
pandemic and of businesses’ and governments’ responses to the
pandemic on our operations, personnel, and on the demand for
seaborne transportation of bulk products; 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’s operating
expenses, including bunker prices, drydocking and insurance costs,
the market for the Company’s vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, vessel breakdowns and instances
of off-hires and other factors. Please see the Company’s 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:
Ioannis Zafirakis
Director, President, Interim Chief Financial Officer and Secretary
Telephone: +30-210-9485-360
Email: izafirakis@oceanpal.com
Website: www.oceanpal.com
Twitter: @OceanPal_Inc
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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