Diana Shipping Inc. has announced that it has received approval, subject to official notice of issuance, for the listing of the common shares of OceanPal Inc. on the Nasdaq Capital Market under the ticker symbol “OP”. As the Company previously announced on 19 October 2021, the Company will affect a spin-off of 100% of the common shares of its wholly-owned subsidiary, OceanPal Inc., to Diana Shipping Inc.’s existing shareholders as of the record date set forth herein. OceanPal Inc. will act as the holding company for three of the Company’s older dry bulk vessels.
The Company is also announcing that the previously announced record date of the OceanPal Inc. spin-off and the payment of a cash dividend in the amount of US$0.10 per Diana Shipping Inc. common share has been changed to 3 November 2021 (the ‘Record Date’). The Company expects to complete the distribution of the OceanPal Inc. common shares at a ratio of one OceanPal Inc. share for every 10 shares of Diana Shipping Inc. held on the Record Date on or around 9 November 2021 (the ‘Payment Date’). To the extent the distribution would result in any shareholder owning a fractional share of OceanPal Inc. such fractional share will be rounded up to the next whole number of shares. The payment date of the cash dividend will be 10 November 2021. The ex-dividend date for the cash dividend will be 2 November 2021. With respect to the spin-off, shares of Diana Shipping Inc. will trade with due bills from the Record Date through and including the Payment Date. Accordingly, shareholders of Diana Shipping Inc. as of the Record Date must continuously hold such Diana Shipping Inc. common shares through and including the Payment Date in order to receive shares of OceanPal Inc. in the spin-off.
Additional information about OceanPal Inc. and the spin-off transaction can be found in the Company’s press release dated 19 October 2021 and in the registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 filed by OceanPal Inc. in connection with the spin-off transaction available online. The information in the filed registration statement on Form 20-F is not final and remains subject to change. The consummation of the spin-off transaction remains subject to the registration statement on Form 20-F being declared effective by the US Securities and Exchange Commission.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/27102021/diana-shipping-inc-announces-approval-for-listing-of-oceanpal-inc/
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