OceanPal Receives Nasdaq Delisting Notice, Plans Hearing

Company intends to request hearing to address minimum bid price deficiency and avoid suspension or delisting.

Mar. 14, 2026 at 2:25am

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OceanPal, Inc. disclosed that it received a written determination letter from the Nasdaq Listing Qualifications Staff notifying the company that its common shares failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days. As a result, the Staff has determined to delist the company's shares unless OceanPal timely requests a hearing before an independent Hearings Panel.

Why it matters

OceanPal's delisting from Nasdaq would be a significant setback for the company, limiting its access to capital markets and potentially impacting shareholder value. The hearing process provides an opportunity for OceanPal to present a plan to restore compliance and maintain its Nasdaq listing.

The details

The Staff Determination was issued pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) following a prior one-for-twenty-five reverse stock split effected by OceanPal in August 2025. The company intends to timely request a hearing before the Nasdaq Hearings Panel, which will automatically stay any suspension or delisting action pending the panel's decision. OceanPal's board is evaluating potential capital markets transactions and other corporate actions to restore compliance with the minimum bid price requirement.

  • On March 13, 2026, OceanPal received the Nasdaq Staff Determination letter.
  • The company has until March 27, 2026 to request a hearing before the Nasdaq Hearings Panel.

The players

OceanPal, Inc.

A global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers.

Nasdaq

The Nasdaq Stock Market LLC, a major U.S. stock exchange.

Nasdaq Hearings Panel

An independent panel that will hear OceanPal's case and decide whether to delist the company's shares or allow it to remain listed.

Robert Perri

Co-CEO of OceanPal.

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What they’re saying

“We take our listing obligations seriously and are moving with urgency to exercise every procedural and substantive remedy available. The hearing process provides a structured forum to present the board's compliance plan, and we intend to use it.”

— Robert Perri, Co-CEO of OceanPal

What’s next

The judge in the case will decide on Tuesday whether or not to allow OceanPal to remain listed on the Nasdaq Capital Market.

The takeaway

OceanPal's delisting from Nasdaq would be a significant setback, but the company is taking proactive steps to address the minimum bid price deficiency and maintain its listing through the hearing process. The outcome of this case will have important implications for OceanPal's access to capital markets and long-term growth prospects.