OceanPal has pulled off a 1-for-20 reverse stock split in an effort to ensure that its stock stays listed on the Nasdaq stock exchange.
The bulker owner’s shares have traded below Nasdaq’s $1 minimum bid requirement since 8 February, when it dropped by 38% to $0.74 per share.
As a result, Nasdaq put Athens-based OceanPal on notice for trading below $1 for 30 straight days, thus requiring the company to get its share price to at least that level within six months to avoid being delisted.
