OceanPal Inc. (OP) is a leading international shipping transportation solutions provider via its vessels. Its cargo vessels transport huge quantities of dry bulk including iron ore, coal, and grain along with other products on global routes. Its vessels will be employed on a short-term basis after the completion of current assignments.
OP stock price in the regular trading on March 11, 2022, nose-dived by 15.4% to be $0.74. Its price further dropped by 8.37% at the last check of the premarket session of March 14, 2022.
OP: Events and Happenings
On March 11, 2022, OP reported a notification receipt from The Nasdaq Stock Market on March 8, demonstrating the company’s common stock non-compliance of the minimum bid price for 30 consecutive days. The price was below the least per share bid price obligation of $1.00.
On March 02, 2022, OP announced its entry into a time charter agreement for the company’s Panamax dry bulk vessel, the Calipso, with Tongli Shipping Pte. Ltd. The net charter rate of the vessel per day was $24,500 with the deduction of a 5% commission paid to the meditators. The charter began on March 9.
On March 01, 2022, OP updated that the date of its preliminary annual stockholder’s meeting is March 31, 2022. On January 21, 2022, OP informed the press about the public offering of its underwritten shares consisting of 15,571,429 cohorts at a per cohort price of $0.77. Each cohort consisted of one common stock share and one warrant for the acquisition of one common stock share. Additionally, the stockholders sold 628,571 common stock shares. The net proceeds from the offering are estimated to be $11.9 million from the offering for general and corporate purposes.
OP: Key Financials
As the company had commenced the trading of its shares on NASDAQ in November 2021, it has not yet filed the financial statement.
Conclusion
OP stock is plunging 85% over the last year as the world was facing pandemic restrictions. The recent fall in the company’s stock is likely attributed to the receipt of minimum bid price notification by it. The company should attract feasible investors to gain some points in the stock market.
