OceanPal Inc. Secures Support from George Economou Affiliate

TL;DR

OceanPal inks support deal with George Economou's Sphinx Investment Corp., which holds 14.1% of shares.

AI Summary

OceanPal Inc. announced on May 17, 2024, that it has entered into a Support Agreement with Sphinx Investment Corp., an affiliate of George Economou. Sphinx, which owns approximately 14.1% of OceanPal's outstanding common stock, has agreed to provide future support for the Company and its Board of Directors.

Why It Matters

This agreement indicates potential strategic alignment and financial backing from a significant shareholder, which could influence the company's future direction and stability.

Risk Assessment

Risk Level: medium — The filing indicates a significant shareholder's support, but the long-term implications and potential for future strategic shifts introduce a medium level of risk.

Key Numbers

• 14.1% — Ownership Stake (Percentage of OceanPal's outstanding common stock owned by Sphinx Investment Corp.)

Key Players & Entities

• OceanPal Inc. (company) — Registrant
• Sphinx Investment Corp. (company) — Party to Support Agreement
• George Economou (person) — Affiliate of Sphinx Investment Corp.
• 14.1% (dollar_amount) — Sphinx's ownership stake
• May 17, 2024 (date) — Date of press release

FAQ

Key Financial Figures

• $6.75 million — mpany has agreed to pay Sphinx a sum of $6.75 million which includes reimbursement for certai

Filing Documents

• d11054115_6-k.htm (6-K) — 21KB
• 0000919574-24-003280.txt ( ) — 22KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. OCEANPAL INC. (registrant) Dated: May 20, 2024 By: /s/ Robert Perri Robert Perri Chief Executive Officer Exhibit 99.1 Corporate Contact: MargaritaVeniou Chief Corporate Development and Governance Officer and Secretary Telephone: +30-210-9485-360 Email: mveniou@oceanpal.com Website: www.oceanpal.com X: @OceanPal_Inc For Immediate Release Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net OCEANPAL INC. ANNOUNCES ENTRY INTO SUPPORT AGREEMENT WITH SPHINX INVESTMENT CORP.; SPHINX TERMINATES ITS PROXY CONTEST AND ENTERS INTO VOTING COMMITMENT; MR. ECONOMOU EXPECTED TO BE MADE AVAILABLE TO PROVIDE STRATEGIC ADVICE ATHENS, GREECE – May 17, 2024 – OceanPal Inc. (" OceanPal " or the " Company ") (NASDAQ: OP) announced today that it has entered into a Support Agreement (the " Agreement ") with Sphinx Investment Corp. (" Sphinx "), an affiliate of George Economou, which owns approximately 14.1% of the Company's outstanding common stock, providing for the future support of the Company and its Board by Sphinx. Pursuant to the Agreement, Sphinx has agreed to cease its efforts with respect to the election of directors and the passage of shareholder proposals at the 2024 annual meeting of the Company's stockholders, and to commit to voting in favor of the Board's slate of recommended directors and with respect to certain other proposals at each Company shareholder meeting through the 2029 annual meeting of the Company's shareholders. In addition, Sphinx and the Company have agreed on a non-binding basis to a structure for the provision by Mr. Economou of strategic advice to the Board with respect to future opportunities for creating shareholder value. Mr. Robert Perri, Chief Executive Offic

Forward Looking Statements

Forward Looking Statements Matters 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 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, changes in demand for dry bulk shipping capacity, change

View Full Filing

View this 6-K filing on SEC EDGAR