09:45 AM EDT, 07/21/2025 (MT Newswires) -- OceanPal ( OP ) shares were more than 67% lower in early trading Monday after the shipping company priced an upsized public offering of nearly 11 million units at $1.64 per unit.

Each unit consists of one share and one warrant to purchase one share. The warrants will expire in three years and will be immediately exercisable at a price equal to 225% of the offering price, the company said.

OceanPal ( OP ) said it expects to raise gross proceeds of about $18 million from the offering, which is expected to close on Tuesday.

Price: 0.49, Change: -1.15, Percent Change: -70.12