RTTNews | Jan 21, 2022 02:20AM EST

02:20 Friday, January 21, 2022 (RTTNews.com) - OceanPal Inc. (OP), a provider of shipping transportation services, on Friday announced the pricing of its $12.5 million public offering, which consists 15.57 million units, at $0.77 per unit.

Each unit consisting of one share of common stock and one Class A warrant to purchase one share of common stock, which will immediately separate upon issuance.

The offering is expected to close on or about January 25, the company said in a statement.

OceanPal intends to use the proceeds of about $11.99 million for general corporate purposes, including potential future acquisition of vessels.

In addition, certain selling stockholders affiliated with OceanPal are also selling 0.62 million common shares. Each share is sold with one Class A warrant to purchase one common share.

The company will not receive any of the gross proceeds from the sale of sharess by the selling shareholders.

OceanPal and the selling stockholders have granted the underwriter a 45-day option to purchase up to an aggregate of 2.43 million additional shares of common stock.

Each Class A warrant is immediately exercisable for one share of common stock at an exercise price of $0.77 per share and will expire five years from the issuance.

Maxim Group LLC is acting as sole book-running manager for the offering.

Read the original article on RTTNews ( https://www.rttnews.com/3256389/oceanpal-prices-12-5-mln-of-offering-at-0-77-unit.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com All Rights Reserved