OceanPal Inc (SVRN)

OceanPal Inc. Announces Results of 2026 Annual General Meeting of ShareholdersJune 18, 2026 4:15 PM
PR Newswire (US) NEW YORK, June 18, 2026 /PRNewswire/ -- OceanPal Inc. (NASDAQ: SVRN) (the "Company" or "OceanPal") today announced that the Company's 2026 Annual General Meeting of Shareholders (the "Meeting") was duly held on June 16, 2026, at 11:00 a.m. Eastern Time.At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company's Proxy Statement sent to shareholders on or about May 13, 2026, was approved and adopted:(1) The election of two Class II Directors to serve for a three-year term until the 2029 Annual Meeting of Shareholders and until their successors are duly elected and qualified;(2) The approval of the amendment to the Company's Amended and Restated Articles of Incorporation authorizing the Board of Directors to effect a change in the name of the Company from "OceanPal Inc." to "SVRN, Inc."; and(3) The approval of the appointment of CBIZ CPAs P.C. as the Company's independent auditors for the fiscal year ending December 31, 2026.About OceanPal Inc.OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels—two Panamax dry bulk carriers and one MR2 product tanker—engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intent and ability to effect the change of its corporate name from "OceanPal Inc." to "SVRN, Inc." upon the filing of the applicable amendment with the Registrar of Corporations of the Republic of the Marshall Islands; the anticipated timing and completion of such name change; and the continued service of the Company's directors and the engagement of its independent auditors.These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond OceanPal's and SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of NEAR; changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities; general domestic and international political conditions and related sanctions; potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East; vessel breakdowns and instances of off-hires; and other risks and uncertainties described under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at www.sec.gov. OceanPal and SVRN undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. View original content:https://www.prnewswire.com/news-releases/oceanpal-inc-announces-results-of-2026-annual-general-meeting-of-shareholders-302804702.htmlSOURCE OceanPal Inc. Original: OceanPal Inc. Announces Results of 2026 Annual General Meeting of Shareholders

OceanPal Inc. Receives Nasdaq Notification Regarding Late Filing of Form 20-FMay 22, 2026 4:15 PM
PR Newswire (US) ATHENS, Greece, May 22, 2026 /PRNewswire/ -- OceanPal Inc. (NASDAQ: SVRN) (the "Company" or "OceanPal") today announced that on May 19, 2026 it received a delinquency notification letter (the "Notification") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") regarding the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company's not having timely filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the "Form 20-F").The Notification has no immediate effect on the listing or trading of the Company's common shares on the Nasdaq Capital Market, which trades under the symbol "SVRN." Pursuant to the Notification, the Company has 60 calendar days from the date of receipt, or until July 20, 2026, to submit a plan to Nasdaq to regain compliance. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an exception of up to 180 calendar days from the Form 20-F's original due date, or until October 27, 2026, to regain compliance. The Company intends to resolve the issue in a timely fashion which may include the submission compliance plan to Nasdaq prior to the deadline.About OceanPal Inc.OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels—two Panamax dry bulk carriers and one MR2 product tanker—engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intent and ability to submit a compliance plan to Nasdaq on or before July 20, 2026; the Company's ability to regain compliance with Nasdaq Listing Rule 5250(c)(1) within the timeframes described in the Notification; the timing of the Company's filing of its Form 20-F; and the continued listing of the Company's common shares on the Nasdaq Capital Market.These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond OceanPal's and SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, Nasdaq's acceptance or rejection of any compliance plan submitted by the Company; SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of NEAR; changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities; general domestic and international political conditions and related sanctions; potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East; vessel breakdowns and instances of off-hires; and other risks and uncertainties described under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at www.sec.gov. OceanPal and SVRN undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. View original content:https://www.prnewswire.com/news-releases/oceanpal-inc-receives-nasdaq-notification-regarding-late-filing-of-form-20-f-302780169.htmlSOURCE OceanPal Inc. Original: OceanPal Inc. Receives Nasdaq Notification Regarding Late Filing of Form 20-F

OceanPal Inc. Discloses Share Repurchases Under Existing Board-Authorized Program; Establishes 0.8x mNAV as a Target Repurchase ThresholdApril 9, 2026 4:15 PM
PR Newswire (US)

Company has repurchased a total of 345,168 shares prior to the reverse split under its previously announced $10 million program, with $7.3 million remaining in authorized capacity; Company targets buybacks under 0.8x mNAV when shares are undervaluedATHENS, Greece, April 9, 2026 /PRNewswire/ -- OceanPal Inc. (the "Company" or "OceanPal", NASDAQ: SVRN), today announced that it has repurchased a total of 345,168 shares of OceanPal common stock (as adjusted to reflect the reverse stock split) from the initiation of its previously authorized share buyback program through March 27th, 2026. The Company also announced that it will target a 0.8x multiple of net asset value ("mNAV") as a target repurchase threshold for future share repurchases, below which the Company will treat repurchases of its common stock as a primary capital allocation priority. As of the date of this press release, the Company has deployed $2.7 million under the program, with $7.3 million in authorized capacity remaining.The repurchases were executed under the $10 million share repurchase program the Board authorized and announced on December 1, 2025. At the time of those purchases, OceanPal's shares were trading at a discount that the Company's management assessed as materially disconnected from the market value of its NEAR holdings. Management made the decision to deploy capital because the market was, in its view, mispricing the stock relative to the underlying business and balance sheet.The 0.8x mNAV threshold announced today formalizes that logic as a standing target. When OceanPal's market capitalization falls below 0.8 times the market value of its NEAR treasury holdings, the Board and management expect share repurchases to constitute  the most efficient capital action available to the Company—equivalent, in economic terms, to acquiring NEAR at a discount to its market price. The policy does not obligate the Company to repurchase any specific number of shares, and repurchases will be executed at management's sole discretion in accordance with applicable securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934. The $7.3 million in remaining authorized capacity under the existing program will be the primary vehicle for executing repurchases under this policy.As of market close April 8, 2026, OceanPal's common stock has appreciated 50+% since the reverse stock split took effect on March 30, 2026, which management believes reflects the underlying strength of the Company's NEAR treasury position and growth trajectory, and occurred without any additional share repurchase activity following the split. As of that time, OceanPal traded at a 0.9x mNAV, holding more than 55 million NEAR tokens (including collateral pledged to counterparties), representing approximately $73.5 million in treasury value at a NEAR price of $1.34 and approximately 4.3% of the total NEAR token supply."The market priced our shares at a significant discount to the value of our NEAR treasury in the days before the reverse split, so we acted on it. The repurchases were a straightforward application of the same capital discipline we intend to maintain going forward," said Sal Ternullo, Co-CEO of OceanPal, and CEO of its subsidiary SVRN. "We've established 0.8x mNAV as the target. Below that threshold, we are buyers. It reflects our conviction in the quality of our treasury, the strength of NEAR Protocol, and the direction our business is heading."OceanPal's NEAR treasury currently generates approximately 5% gross annualized yield through institutional staking and options. This yield compounds the Company's NEAR holdings independent of price appreciation, and, along with the Company's shipping segment, which is projected to be EBITDA-positive in 2026, provides an operational foundation that management believes is not yet reflected in the Company's market valuation. The appreciation in OceanPal's common stock since the reverse split is, in management's view, an early indication that the market is beginning to close this gap.About SVRNSVRN, a wholly-owned subsidiary of OceanPal, fuels the growth of AI infrastructure that enables agents to act autonomously and securely. SVRN actively manages a treasury of NEAR—the network powering this infrastructure—generating returns that fund universal liquidity and AI privacy technologies. SVRN bridges these innovations to the enterprise, driving commercial adoption so businesses can deploy AI solutions that protect sensitive data and execute complex actions across any network. For more information, visit www.svrn.net.About OceanPal Inc.OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels - two Panamax dry bulk carriers and one MR2 product tanker - engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intention to repurchase shares of its common stock at or below 0.8x mNAV; the Company's expectation that its NEAR treasury will continue to generate yield at or near current target rates; and the Company's projection that both its digital asset and shipping segments will be EBITDA-positive during 2026. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond OceanPal's and SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; the outcome of the Nasdaq Hearings Panel process; developments in technology and the competitive landscape; the market performance of NEAR;changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities; general domestic and international political conditions and related sanctions; potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East; vessel breakdowns and instances of off-hires; and other risks and uncertainties described under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at www.sec.gov. OceanPal and SVRN undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.



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Original: OceanPal Inc. Discloses Share Repurchases Under Existing Board-Authorized Program; Establishes 0.8x mNAV as a Target Repurchase Threshold

SVRN...........................https://stockcharts.com/sc3/ui/?s=SVRN&p=w&b=5&g=0&id=p86431144783

SVRN...........................https://stockcharts.com/sc3/ui/?s=SVRN&p=w&b=5&g=0&id=p86431144783

OceanPal Inc. Announces Reverse Stock Split to be Effective March 30, 2026March 26, 2026 8:15 AM
PR Newswire (US)

ATHENS, Greece, March 26, 2026 /PRNewswire/ -- OceanPal Inc. (NASDAQ: SVRN) (the "Company"), announced today that its board of directors has determined to effect a one-for-twenty reverse stock split of the Company's common shares, par value $0.01 per share. The Company's shareholders had approved the reverse stock split at the Company's annual meeting of shareholders held on May 20, 2025.The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis on NASDAQ, as of the opening of trading on March 30, 2026, under the existing trading symbol "SVRN". The CUSIP number of Y6430L178 will be assigned to the Company's common shares when the reverse stock split becomes effective.When the reverse stock split becomes effective, every twenty of the Company's issued common shares will be combined into one issued common 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 approximately 37,517,290 shares to approximately 1,875,864 shares.No fractional shares will be issued in connection with the reverse stock split. Shareholders who would otherwise hold a fraction of a common share of the Company will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the shareholder would otherwise be entitled, multiplied by the closing price of the Company's common shares on NASDAQ on March 27, 2026.Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after March 30, 2026. Such beneficial holders may contact their bank, broker, or nominee for more information.The Board approved the reverse stock split in connection with the Company's efforts to restore compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). As previously disclosed, the Company received a written determination letter from the Listing Qualifications Staff of NASDAQ pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), and the Company has timely requested a hearing before an independent Hearings Panel (the "Panel") pursuant to Nasdaq Listing Rule 5815(a). The Company intends to present the reverse stock split as a component of its compliance plan in connection with its hearing before the Panel.About the CompanyOceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. OceanPal Inc. is engaged in the seaborne transportation of bulk commodities, including iron ore, coal and grain, as well as refined petroleum products. OceanPal Inc.'s fleet is primarily employed on time-charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.SovereignAI Services LLC, a wholly-owned subsidiary of OceanPal fuels the growth of AI infrastructure that enables agents to act autonomously and securely. SovereignAI Services LLC actively manages a treasury of NEAR—the network powering this infrastructure—generating returns that fund universal liquidity and AI privacy technologies. The company bridges these innovations to the enterprise, driving commercial adoption so businesses can deploy AI solutions that protect sensitive data and execute complex actions across any network.Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intention to request a hearing before the Nasdaq Hearings Panel; the expected automatic stay of any suspension or delisting action pending such hearing; the Company's ability to present a compliance plan and restore compliance with the Minimum Bid Price Requirement; and the board's evaluation of potential capital markets transactions and other corporate actions. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond OceanPal's and SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; the outcome of the Nasdaq Hearings Panel process; developments in technology and the competitive landscape; the market performance of NEAR; and other risks and uncertainties described under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at www.sec.gov. OceanPal and SVRN undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.



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Original: OceanPal Inc. Announces Reverse Stock Split to be Effective March 30, 2026

OceanPal Inc. Reports Financial Results for the Year Ended December 31, 2025, and Introduces 2026 GuidanceMarch 26, 2026 8:15 AM
PR Newswire (US)

ATHENS, Greece, March 26, 2026 /PRNewswire/ -- OceanPal Inc. (NASDAQ: SVRN) (the "Company" or "OP"), a global shipping company and digital asset treasury operator, today announced its financial results for the fiscal year ended December 31, 2025, alongside financial guidance for the fiscal year 2026. 2025 represented a defining milestone in the Company's evolution. During the year, OceanPal established SovereignAI Services LLC, a wholly-owned subsidiary through which the Company became the first publicly traded corporate treasury vehicle with exposure to NEAR Protocol. Since launching its new business, OceanPal has welcomed Richard Muirhead, Peter Marton, and James Gereghty to its board of directors, each contributing specialized knowledge in digital assets and regulatory affairs to bolster the Company's governance framework and oversight of its digital asset activities, which, coupled with the four remaining OceanPal directors, gives the Company a good balance of shipping and crypto expertise.
2025 Financial Highlights($ in Millions USD)
2025 (unaudited)2024ChangeVessel Revenues$13.4$25.7$(12.3)Staking Reward Income¹$0.7—N/ATotal Revenue and Other Income$14.1$25.7$(11.6)Operating Loss$(31.4)$(18.0)$(13.4)Net Loss$(65.2)$(17.9)$(47.3)Net Loss attributable to Common Stockholders$(70.0)$(19.7)$(50.3)AVERAGE DAILY RESULTS (in USD)


Time charter equivalent (TCE) rate2$9,123$12,184$(3,061)Daily vessel operating expenses3$5,987$6,568$(581) Balance Sheet Highlights($ in Millions USD)
Dec 31, 2025
(unaudited)Dec 31, 2024ChangeCash and Cash Equivalents$33.2$7.2+$26.0Digital Assets at Fair Value$77.5—N/AVessels, net$40.8$71.3$(30.5)Total Assets$165.5$89.5+$76.0Total Liabilities$8.9$5.1+$3.8Total Stockholders' Equity$156.6$84.4+$72.2
(See financial tables attached) 2026 Financial Guidance($ in Millions USD, except for NEAR's token price)


SHIPPING SEGMENT
Vessel Revenue8$13.0 - $14.0Shipping Operating Costs9$(11.5) - $(12.5)Shipping EBITDA$1.5 - $2.5

SOVEREIGNAI SEGMENTCurrent Spot52025 Avg. Price62025 High Price7NEAR Price Assumption$1.30$2.73$6.23Staking Revenue10$3.6$7.6$17.1SovereignAI Opex11$(3.1)$(3.1)$(3.1)SovereignAI EBITDA$0.5$4.5$14.0

CONSOLIDATED$1.30 NEAR$2.73 NEAR$6.23 NEARTotal Revenue$16.6 - $17.6$20.5 - $21.5$30.1 - $31.1Corporate G&A12$(2.1)$(2.1)$(2.1)Adjusted EBITDA4$(1.1) - $0.9$2.9 - $4.9$12.4 - $14.4Key Fundamentals:Total assets of $165.5 million, including $77.5 million in NEAR Protocol digital assets and $33.2 million in cash and cash equivalents.Approximately 51.3 million NEAR tokens are held on the balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions), generating a 5.0% target annualized yield—producing approximately 2.75 million NEAR tokens per year in protocol rewards.Both operating segments are projected to be EBITDA-positive during 2026: shipping segment generating $1.5–$2.5 million in EBITDA, and SovereignAI is self-funding with staking income exceeding subsidiary operating costs across all guidance scenarios.Approximately three years of operating capital on hand; ability to fund operations from revenue without liquidating digital asset holdings.First publicly traded NEAR Protocol treasury company, providing institutional-grade exposure to the NEAR ecosystem through a regulated public vehicle.Three-vessel fleet operating with no scheduled drydockings in 2026, materially lower vessel operating expenses versus FY 2025.Total stockholders' equity of $156.6 million.¹ SovereignAI Services LLC was formed on October 26, 2025; staking reward income reflects approximately two months of operations.
2 Time charter equivalent rates, or TCE rates, are defined as time charter and voyage revenues, less voyage expenses during a period divided by the number of available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters or time charters) under which the vessels may be employed between the periods, and assist Company's management to assess its fleet's financial and operational performance.
3 Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
4 Adjusted EBITDA is a non-GAAP measure defined as net income (loss) excluding depreciation and amortization, interest expense, income taxes, unrealized gains and losses on digital assets and derivatives, impairment charges, promote fees, and other non-cash or non-recurring items. See reconciliation in financial tables.
5 Assumes NEAR token price of $1.30 (approximate current spot price based on Coinbase NEAR/USD).
6 Assumes NEAR token price of $2.73 (approximate 2025 average price based on Coinbase NEAR/USD).
7 Assumes NEAR token price of $6.23 (approximate 2025 52-week high based on Coinbase NEAR/USD).
8 Vessel revenue assuming no changes in the Company's current fleet (M/V Calipso, M/V Melia, and M/V Zeze Start). 
9 Shipping operating costs include vessel OPEX (Daily OPEX budgeted at an average rate of approximately $6,400 vessel per day. No drydockings are scheduled in 2026), voyage expenses/commissions (~$1.0 million), management fees (~$3.1 million), and maritime G&A (~$0.8 million). Excludes depreciation.
10 Staking revenue assumes a target annualized yield of 5.0% on approximately 51.3 million NEAR tokens staked, generating approximately 2.75 million NEAR tokens per year in staking rewards, valued at the applicable NEAR token price assumption for each scenario.
11 SovereignAI Services LLC operating expenses projected at a target average monthly burn rate of $258 thousand ($3.1M annualized), encompassing compensation, custody and staking fees, technology infrastructure, and general administrative costs for the subsidiary.
12 Corporate G&A represents parent-level general and administrative expenses, which include stock exchange listing and related fees, audit fees, legal fees and board compensation. All other corporate overhead is allocated to the respective operating segments.Management Commentary"2025 was the most consequential year in our Company's history," said Sal Ternullo, Co-CEO. "We executed a strategic transformation that fundamentally repositioned the business from a pure-play shipping company into a diversified operating platform with two distinct, complementary revenue engines. The formation of SovereignAI Services LLC together with the completion of our PIPE transaction in the fourth quarter, marked our emergence as the first publicly traded company with exposure to NEAR Protocol, with holdings of approximately 51.3 million NEAR tokens held on balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions) alongside our maritime fleet. Our reported net loss of $65.2 million reflects non-cash, unrealized fair value adjustments on our digital asset holdings and one-time transaction costs and legal fees associated with the PIPE financing, rather than a deterioration in our core operations. Across both business segments, the underlying business generated meaningful operational progress"."We streamlined our fleet from five vessels to three, divesting one older Capesize vessel and one Panamax vessel, reducing the average age of our fleet while eliminating near-term drydocking obligations", said Robert Perri, Co-CEO. "The remaining three-vessel fleet—two Panamax drybulk carriers and one MR2 product tanker—are well positioned to take advantage of the current disruptions in the shipping market"."Our strategy for growing enterprise value is clear: to compound long-term value through NEAR token accumulation and staking yield, while sustaining a stable, cash-generative maritime operation. With total stockholders' equity of $156.6 million, we believe our balance sheet reflects a material disconnect relative to our current market capitalization — one that we do not believe the market has fully recognized. We are firmly committed to closing that gap through disciplined execution and transparent, ongoing communication with our shareholders", Mr. Ternullo continued.Recent DevelopmentsOn October 29, 2025, the Company entered into a Sales Agreement (the "Sales Agreement") with Clear Street LLC ("Clear Street") and Cohen & Company Capital Markets, a division of Cohen & Company ("Cohen & Co.) (each, an "Agent," and, together, the "Agents"), as co-sales agents, pursuant to which the Company may offer and sell shares of the Company's common shares, from time to time having an aggregate sales price of up to $20,127,131 (the "ATM Program"). During the fourth quarter of 2025, no sales were made under the Sales Agreement. Subsequent to December 31, 2025, the Company sold an aggregate of 3,216,819 shares under the ATM Program for gross proceeds of approximately $2,166,058.22. As of March 26, 2026, approximately $17.9 million remains available for sale under the ATM Program.On December 1, 2025, the Board of Directors authorized a share buy-back program (the "Share Buy-Back Program"), with Clear Street LLC ("Clear Street") acting as Agent, for up to $10 million of SVRN's outstanding common shares. During the fourth quarter of 2025, a total of 316,717 shares were repurchased and in the first quarter of 2026 a total of 385,862 shares were repurchased. As of March 26, 2026, approximately $9.2 million remains available for repurchase under the share repurchase program.Strategic OverviewMaritime Operations – Fleet OptimizationDuring 2025, the Company executed a targeted fleet rationalization program, divesting two vessels: the M/V Salt Lake City, a 2005-built Capesize bulk carrier, and the M/V Protefs, a 2004-built Panamax bulk carrier sold and delivered to their new owners in the first and second quarter of 2025, respectively. Combined, these transactions generated net proceeds of approximately $22.4 million, while reducing the average age of the fleet and lowering future capital expenditure. The Company's current fleet comprises of two Panamax bulk carriers — the M/V Calipso and M/V Melia — and one MR2 product tanker, the M/V Zeze Start, providing diversified commercial exposure across the dry bulk and product tanker markets.Vessel revenues for fiscal year 2025 totaled $13.4 million, compared to $25.7 million in the prior year, reflecting the reduced fleet size following the dispositions and a mixed rate environment across the dry and tanker segments. Looking ahead to 2026, the Company projects the three-vessel fleet to generate approximately $13.0 million to $14.0 million in gross vessel revenues, with total shipping operating costs in the range of $11.5 million to $12.5 million, excluding depreciation, yielding positive shipping EBITDA of between $1.5 million and $2.5 million. Average daily vessel operating expenses are budgeted at approximately $6,400, materially below 2025 levels. Notably, no drydockings are scheduled for 2026, eliminating significant costs and off-hire exposure that weighed on the prior year's results.SovereignAI Services LLC – NEAR Protocol TreasuryIn October 2025, the Company established SovereignAI Services LLC as a wholly-owned subsidiary to implement its NEAR Protocol digital asset treasury strategy. As of December 31, 2025, SovereignAI held total assets of approximately $85.5 million, including $77.5 million in digital assets at fair value, $3.7 million in collateral receivable (net of a $0.6 million allowance for credit losses), and $3.0 million in cash. During its initial two-month operating period, the subsidiary generated $0.7 million in staking reward income, demonstrating the yield-generating capacity of the NEAR treasury model.The Company's holdings of approximately 51.3 million NEAR tokens held on balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions) generate a target of 5.0% annualized yield, which translates to approximately $3.6 million in annualized revenue at current NEAR token prices, with direct upside exposure to NEAR token price appreciation. SovereignAI is expected to operate at a target burn rate of $3.1million annualized), encompassing compensation, custody fees, technology infrastructure, and general administrative costs. Under all current guidance scenarios, subsidiary revenues are projected to exceed operating costs.About the CompanyOceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels - two Panamax dry bulk carriers and one MR2 product tanker - engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements.The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, Company management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, the highly volatile nature of the price of NEAR Protocol tokens and other digital assets, changes in demand for dry bulk and petroleum products shipping capacity, changes in the Company's operating expenses, changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities, significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires, and other factors. Please see the Company's filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. OCEANPAL INC.
FINANCIAL TABLES
Expressed in Millions of U.S. Dollars, rounded to the nearest tenth, except for share and per share data
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

2025 (Unaudited)2024REVENUES AND OTHER INCOME:

Vessel revenues$ 13.4$ 25.7Staking reward income0.7—


EXPENSES:

Voyage expenses1.93.7Vessel operating expenses7.812.5Depreciation and amortization5.87.2General and administrative expenses10.46.2Management fees1.21.3Promote fees15.0—Support agreement costs—6.8Impairment loss—6.1Loss on sale of vessels3.40.0Other operating income-(0.1)Operating loss$ (31.4)$ (18.0)


OTHER INCOME (EXPENSES):

Unrealized loss on digital assets(26.0)—Realized loss on digital assets(1.6)—Unrealized loss on digital assets receivable(0.1)—Net loss on derivative instruments(0.4)—Provision for credit losses on collateral(0.6)—Change in fair value of warrant liability(4.2)—Interest and finance costs(1.6)(0.1)Interest income0.70.3Loss on equity method investment(0.1)(0.1)Other income0.10.0Net loss and comprehensive loss$ (65.2)$ (17.9)


Less: Deemed dividend upon redemption of Series D preferred stock(2.3)-Less: Dividends on Series C preferred stock(0.9)(0.7)Less: Dividends on Series D preferred stock(1.6)(1.2)Net loss attributed to common stockholders$ (70.0)$ (19.7)


Loss per common share, basic and diluted*$(9.09)$(66)Weighted average number of common shares, basic*7,701,226298,605


*2024 figures as adjusted to reflect the one-for-twenty five reverse stock split effected on August 25, 2025  CONDENSED CONSOLIDATED BALANCE SHEET DATA($ in Millions USD)

Dec 31, 2025 (unaudited)Dec 31,2024**ASSETS

Cash and cash equivalents$ 33.2$ 7.2Digital assets at fair value77.5—Collateral receivable, net of allowance3.7—Other current assets4.46.9Vessels, net40.871.3Other non-current assets5.94.1Total assets$ 165.5$ 89.5


LIABILITIES AND STOCKHOLDERS' EQUITY

Total liabilities$ 8.9$ 5.1Total stockholders' equity156.684.4Total liabilities and stockholders' equity$ 165.5$ 89.5


** The balance sheet data for December 31, 2024 have been derived from the audited consolidated financial statements at that date.Website: www.oceanpal.com 



View original content:https://www.prnewswire.com/news-releases/oceanpal-inc-reports-financial-results-for-the-year-ended-december-31-2025-and-introduces-2026-guidance-302726077.htmlSOURCE OceanPal Inc.

Original: OceanPal Inc. Reports Financial Results for the Year Ended December 31, 2025, and Introduces 2026 Guidance

SVRN..........................P/M

OceanPal Receives Nasdaq Staff Determination Regarding Minimum Bid Price Deficiency; Intends to Request Hearing Before Independent PanelMarch 13, 2026 5:25 PM
PR Newswire (US)

Staff Determination Issued Pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) Following Prior Reverse Stock Split; Company's Hearing Request Will Automatically Stay Any Suspension or Delisting Action Pending the Panel DecisionATHENS, Greece, March 13, 2026 /PRNewswire/ -- OceanPal, Inc. ("OceanPal", Nasdaq: SVRN) that today disclosed that on March 13, 2026, the Company received a written determination letter (the "Staff Determination") from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that the Staff has determined to delist the Company's common shares from The Nasdaq Capital Market unless the Company timely requests a hearing before an independent Hearings Panel (the "Panel").Key Highlights:The Staff Determination was issued pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) on the grounds that the Company's common shares failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days from January 29, 2026, through March 12, 2026, and that the Company is ineligible for a compliance period due to a prior one-for-twenty-five (1-for-25) reverse stock split effected on August 25, 2025.OceanPal intends to timely request a hearing before the Panel pursuant to Nasdaq Listing Rule 5815(a). In accordance with Nasdaq Listing Rule 5815(a)(1)(B), the hearing request will automatically stay any suspension or delisting action, and the Company's common shares will continue to be listed and traded on The Nasdaq Capital Market under the ticker symbol "SVRN" during the hearing process.The Company's board of directors is actively evaluating all available measures to restore compliance with the Minimum Bid Price Requirement, including potential capital markets transactions and other corporate actions within the board's existing shareholder-authorized authority.This disclosure is being made pursuant to Nasdaq Listing Rule 5810(b), which requires public disclosure of the Staff Determination no later than four business days following receipt. A corresponding Form 6-K has been filed with the U.S. Securities and Exchange Commission.The Staff Determination relates to the Company's non-compliance with Nasdaq Listing Rule 5550(a)(2), which requires that the closing bid price of listed securities be at least $1.00 per share. Because the Company effected a one-for-twenty-five (1-for-25) reverse stock split on August 25, 2025, Nasdaq Listing Rule 5810(c)(3)(A)(iv) precludes the Company from receiving any compliance period that would otherwise be available under the standard deficiency framework. Instead, the Staff has issued a determination to delist the Company's common shares, subject to the Company's right to request a hearing.OceanPal intends to exercise its right under Nasdaq Listing Rule 5815(a) to request a hearing before the Panel within the prescribed timeframe. The hearing process provides the Company an opportunity to present a comprehensive plan to restore compliance with all applicable listing standards. Pursuant to Nasdaq Listing Rule 5815(a)(1)(B), the filing of the hearing request will automatically stay any suspension or delisting action pending the hearing and the issuance of the Panel's written decision. During this period, the Company's common shares will continue to be listed and traded on The Nasdaq Capital Market under the ticker symbol "SVRN.""We take our listing obligations seriously and are moving with urgency to exercise every procedural and substantive remedy available. The hearing process provides a structured forum to present the board's compliance plan, and we intend to use it. Our team—alongside experienced outside counsel—is actively preparing a comprehensive submission that addresses the bid price requirement and demonstrates the strength of the business. We expect the Company's shares to continue trading on Nasdaq throughout this process, and we will keep shareholders informed at every stage."
— Robert Perri, Co-CEO of OceanPalThe Company will provide further disclosure regarding its hearing date, compliance plan, and any related corporate actions as appropriate. Shareholders are encouraged to monitor the Company's filings with the SEC on EDGAR at www.sec.gov and the Company's website at www.svrn.net for updates.About OceanPal Inc.OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. OceanPal Inc. is engaged in the seaborne transportation of bulk commodities, including iron ore, coal and grain, as well as refined petroleum products. OceanPal Inc.'s fleet is primarily employed on time-charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.SovereignAI Services LLC, a wholly-owned subsidiary of OceanPal fuels the growth of AI infrastructure that enables agents to act autonomously and securely. SovereignAI Services LLC actively manages a treasury of NEAR—the network powering this infrastructure—generating returns that fund universal liquidity and AI privacy technologies. The company bridges these innovations to the enterprise, driving commercial adoption so businesses can deploy AI solutions that protect sensitive data and execute complex actions across any network.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "anticipate," "believe," "will," and similar expressions. These statements include, but are not limited to, statements regarding the Company's intention to request a hearing before the Nasdaq Hearings Panel; the expected automatic stay of any suspension or delisting action pending such hearing; the Company's ability to present a compliance plan and restore compliance with the Minimum Bid Price Requirement; and the board's evaluation of potential capital markets transactions and other corporate actions. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond OceanPal's and SVRN's control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, SVRN's ability to execute its growth strategy; its ability to raise and deploy capital effectively; the outcome of the Nasdaq Hearings Panel process; developments in technology and the competitive landscape; the market performance of NEAR; and other risks and uncertainties described under "Risk Factors" in OceanPal's Annual Report on Form 20-F filed with the SEC on April 15, 2025, and in subsequent filings with the SEC, available at www.sec.gov. OceanPal and SVRN undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.Media Contact:
svrn@mgroupsc.com



View original content:https://www.prnewswire.com/news-releases/oceanpal-receives-nasdaq-staff-determination-regarding-minimum-bid-price-deficiency-intends-to-request-hearing-before-independent-panel-302713756.htmlSOURCE OceanPal Inc.

Original: OceanPal Receives Nasdaq Staff Determination Regarding Minimum Bid Price Deficiency; Intends to Request Hearing Before Independent Panel

dilution scam, no blow up

SVRN about to blow up

You called them all ...impressive

SVRN................................https://stockcharts.com/sc3/ui/?s=SVRN&p=w&b=5&g=0&id=p86431144783