SCHEDULE: OceanPal Major Shareholder Exits Position

Sentiment:

Shareholder Ownership Update (Amendment to Schedule 13D) 8 September 2025 4:01 PM

Sphinx Investment Corp., Maryport Navigation Corp., and George Economou have ceased to be beneficial owners of OceanPal Inc., completing their exit after a share offering and reverse stock split.

Capital raiseOceanPal Inc. conducted a Common Stock and warrant offering on July 22, 2025, which resulted in the issuance of a significant number of additional shares.

Worse than expectedThe exit of a significant shareholder group, especially following a reverse stock split and a new share issuance, can be perceived negatively by the market.The sale of shares at $1.08 after a reverse split (which typically aims to increase share price) might indicate a lack of confidence or a need to liquidate.

Summary

Reporting Persons (Sphinx Investment Corp., Maryport Navigation Corp., and George Economou) have filed their final amendment to Schedule 13D, indicating they are no longer beneficial owners of more than 5% of OceanPal Inc.'s Common Shares.
The decrease in ownership resulted from OceanPal Inc.'s issuance of additional shares in a July 22, 2025 Common Stock and warrant offering and a 1:25 reverse stock split around August 25, 2025.
Prior to the reverse stock split, the Reporting Persons beneficially owned 1,050,505 shares, which transformed into 42,020 shares post-split.
On September 4, 2025, the Reporting Persons sold 42,016 Common Shares on the open market at $1.08 per share.
Following these transactions, the Reporting Persons beneficially own 4 Common Shares, representing approximately 0.0% of the Issuer's outstanding shares.

Sentiment

Score: 3

Explanation: The filing details the complete exit of a significant shareholder group following events like a substantial share issuance and a reverse stock split, which are often signs of financial distress or efforts to maintain listing compliance. This suggests a negative sentiment regarding the company's recent performance or outlook from the perspective of the exiting investors.

Negatives

Major shareholders, Sphinx Investment Corp., Maryport Navigation Corp., and George Economou, have fully exited their position in OceanPal Inc. by selling their remaining 42,016 shares.
The exit follows a significant dilution event (additional share issuance) and a reverse stock split, which often indicates underlying financial challenges or a need to maintain listing compliance.

Future Outlook

Industry Context

Stakeholder Impact

Shareholders: Existing shareholders experienced dilution from the July 22, 2025 offering and a reverse stock split, which often precedes further share price volatility. The exit of a major shareholder could also be seen as a negative signal.
Reporting Persons: Successfully liquidated their remaining stake in OceanPal Inc.

Next Steps

This filing represents the final amendment to Schedule 13D for the Reporting Persons, indicating no further reporting obligations for them regarding OceanPal Inc. under this schedule.

Key Dates

Date	Description
2023-09-28	Initial Schedule 13D filed.
2023-10-04	Amendment No. 1 to Schedule 13D filed.
2023-10-06	Amendment No. 2 to Schedule 13D filed.
2023-10-18	Amendment No. 3 to Schedule 13D filed.
2023-11-06	Amendment No. 4 to Schedule 13D filed.
2023-12-05	Amendment No. 5 to Schedule 13D filed.
2023-12-15	Amendment No. 6 to Schedule 13D filed.
2024-01-05	Amendment No. 7 to Schedule 13D filed.
2024-01-23	Amendment No. 8 to Schedule 13D filed.
2024-02-26	Amendment No. 9 to Schedule 13D filed.
2024-03-15	Amendment No. 10 to Schedule 13D filed.
2024-04-26	Amendment No. 11 to Schedule 13D filed.
2024-05-15	Amendment No. 12 to Schedule 13D filed.
2025-07-22	Issuer's Common Stock and warrant offering, leading to significant additional share issuance.
2025-08-21	Issuer's Report on Form 6-K filed with the SEC, disclosing expected outstanding shares following reverse stock split.
2025-08-25	Approximate date of Issuer's 1:25 reverse stock split.
2025-09-04	Reporting Persons disposed of 42,016 Common Shares on the open market; date of event requiring this Schedule 13D amendment.
2025-09-08	Date of filing of this Amendment No. 13 to Schedule 13D.

Recommendation

sell

The complete exit of a significant shareholder group, especially in the context of recent dilutive share offerings and a reverse stock split, signals potential underlying issues with the company's financial health or future prospects. Such events often precede further downward pressure on the stock price, making a 'sell' recommendation prudent for investors seeking to avoid further losses or reallocate capital to more stable opportunities.

Keywords

OceanPal Inc., Sphinx Investment Corp., Maryport Navigation Corp., George Economou, Schedule 13D, beneficial ownership, share sale, reverse stock split, common stock offering, warrant offering, exit filing, shareholder exit

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