OceanPal prices 10.98M units at $1.64 in upsized public offering

OceanPal (OP) announced the pricing of its upsized public offering of 10,975,600 units at a public offering price of $1.64 per unit. Each unit consists of one common share and one warrant to purchase one common share. Each Warrant will expire three years from the issuance, will be immediately exercisable upon issuance at an initial exercise price equal to 225% of the public offering price, subject to adjustment on the First Reset Date and the Second Reset Date and subject to a floor price therein. The warrants may also be exercised on a zero cash exercise option pursuant to which the holder may exchange each warrant for two common shares. Gross proceeds to the Company, before deducting placement agent’s fees and other offering expenses, are expected to be approximately $18M. The offering is expected to close on July 22, subject to the satisfaction of customary closing conditions. Maxim Group is acting as sole book-running manager in connection with the offering.