OceanPal fell 20% on Friday after the company announced the pricing of its $12.5 Million Underwritten warrants offering. The stock market was down 37% on early trading to $0.7500 following the announcement, while the previous close was $1.1800. Recall that OceanPal Inc. is a company that specializes in ocean transportation. Furthermore, the company offers about $15 571 429 million units priced at $0.77 per unit. Each share unit comprises a common share and one and a half warrant that entitles the warrant holder to purchase one common share of OceanPal at $0.77 per share.
The offering is going to be closed on January 25, subject to meeting customary closing requirements. According to the terms of the agreement, OceanPal and the selling shareholders have given the warrant holders a 45-day option to acquire around 2,430,000 of the total units, of which 1,148,577 may be purchased first from the selling stockholders and 1,281,423 from the company. The warrants are exercisable immediately, and they have a five-year expiry from the day of issuance. It should be noted that currently, its market capitalization is 13 billion dollars, and the trading volume composes 3,300,022 shares.