OceanPal Inc.

Recent Developments

On 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.