- Shipping company OceanPal ( NASDAQ: OP ) has delayed the implementation date of its reverse stock split due to a delay in getting the necessary regulatory approval.
- The reverse stock split was to be effective as of the opening of trading on Dec. 21, but will now take effect as of the opening of trading on Dec. 22.
- The CUSIP number of Y6430L 160 will be assigned to the shares and of Y6430L 152 to the class A warrants when the reverse stock split becomes effective.
- The reverse stock split will see every 10 shares to be combined into one share, without any change to the par value per share and without any change in the total number of authorized common shares.
- The number of outstanding common shares will be reduced from ~101.8M shares to ~10.2M shares.
- OP shares were trading +648.30% pre-market.
- Source: Press Release
For further details see:
OceanPal delays implementation date of reverse stock split