DivestmentAug 3, 2026, 05:33 PM
OceanPal Exits Shipping, Retires All Series C Preferred Stock & $5M Debt
AI Summary
OceanPal Inc. announced its complete exit from the shipping business by selling OP Vessel Holdco LLC, its vessel-owning subsidiary, to Sezali Inc. The transaction involved the retirement of all 12,185 shares of its 8.0% Series C Cumulative Convertible Perpetual Preferred Stock and the cancellation of $5.0 million in promissory notes. This move eliminates all debt and simplifies the capital structure, allowing the company to focus solely on its SovereignAI Services LLC business, which is centered on the NEAR Protocol blockchain and AI infrastructure.
Key Highlights
- OceanPal completed the sale of OP Vessel Holdco LLC to Sezali Inc. on July 31, 2026.
- All 12,185 outstanding shares of 8.0% Series C Preferred Stock were retired.
- The company's $5.0 million of outstanding promissory notes were cancelled.
- OceanPal now has no outstanding debt for borrowed money.
- Only 412 shares of 7.0% Series D Preferred Stock remain outstanding.
- SovereignAI Services LLC is now the Company's sole operating business.
- All accrued dividends on the Series C Preferred Stock were paid in full as of July 2026.
Price Impact
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