Diana Shipping Inc. Announces Approval for Listing of OceanPal Inc. on Nasdaq Capital Market and Revised Record Date for OceanPal Inc. Spin-Off and US$0.10 Cash Dividend
October 26 2021 - 8:33AM
Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced that it has received approval, subject to official notice
of issuance, for the listing of the common shares of OceanPal Inc.
on the Nasdaq Capital Market under the ticker symbol “OP”. As the
Company previously announced on October 19, 2021, the Company will
effect a spin-off of 100% of the common shares of its wholly-owned
subsidiary, OceanPal Inc., to Diana Shipping Inc.’s existing
shareholders as of the record date set forth herein. OceanPal Inc.
will act as the holding company for three of the Company’s older
dry bulk vessels.
The Company is also announcing that the
previously announced record date of the OceanPal Inc. spin-off and
the payment of a cash dividend in the amount of US$0.10 per Diana
Shipping Inc. common share has been changed to November 3, 2021
(the “Record Date”). The Company expects to complete the
distribution of the OceanPal Inc. common shares at a ratio of one
OceanPal Inc. share for every 10 shares of Diana Shipping Inc. held
on the Record Date on or around November 9, 2021 (the “Payment
Date”). To the extent the distribution would result in any
shareholder owning a fractional share of OceanPal Inc. such
fractional share will be rounded up to the next whole number of
shares. The payment date of the cash dividend will be November 10,
2021. The ex-dividend date for the cash dividend will be November
2, 2021. With respect to the spin-off, shares of Diana Shipping
Inc. will trade with due bills from the Record Date through and
including the Payment Date. Accordingly, shareholders of Diana
Shipping Inc. as of the Record Date must continuously hold such
Diana Shipping Inc. common shares through and including the Payment
Date in order to receive shares of OceanPal Inc. in the
spin-off.
Additional information about OceanPal Inc. and
the spin-off transaction can be found in the Company’s press
release dated October 19, 2021 and in the registration statement on
Form 20-F pursuant to the Securities Exchange Act of 1934 filed by
OceanPal Inc. in connection with the spin-off transaction that is
available at www.sec.gov. The information in the filed registration
statement on Form 20-F is not final and remains subject to change.
The consummation of the spin-off transaction remains subject to the
registration statement on Form 20-F being declared effective by the
US Securities and Exchange Commission.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities and
shall not constitute an offer, solicitation or sale of any security
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to consummation of the spin-off
transaction.
About the Company
Diana Shipping Inc. is a global provider of
shipping transportation services through its ownership of dry bulk
vessels. The Company’s vessels are employed primarily on medium to
long-term time charters and transport a range of dry bulk cargoes,
including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes.
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, which are other than
statements of historical facts, and include statements regarding
the anticipated spin-off of OceanPal Inc., including the timing and
certainty, the anticipated benefits of the spin-off transaction,
and our expectations for future financial and operational
performance of the Company and OceanPal Inc. and the creation of
shareholder value resulting from the spin-off transaction.
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, Chief Financial Officer,
Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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