OP - OceanPal to effect 1-for-20 reverse stock split

2023-06-07 08:36:20 ET

• Shipping company OceanPal ( NASDAQ: OP ) said on Wednesday that its board has authorized a 1-for-20 reverse stock split, effective opening of trading on June 8.
• The company's shareholders approved the reverse stock split at the May 3 annual meeting of stockholders.
• The new CUSIP number of Y6430L202 will be assigned to the shares when the reverse stock split becomes effective.
• The number of outstanding shares will be reduced to ~1.26M shares from ~25.18M shares.
• The reverse stock split seeks to increase the per share trading price of the company's shares. The move is expected to satisfy the minimum bid price requirement for continued listing on Nasdaq.
• OP shares were trading -6.97% pre-market.
• Source: Press Release

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