Global shipping company OceanPal Inc (NASDAQ:OP), which specialises in owning vessels, saw its stock take a pounding this past Friday and ended the day with declines of as much as 53% as a consequence. The massive selloff in the stock came about after the company announced last Friday the pricing of its public offering.
Trading Data
On Friday, OP stock slumped 52.50% at $0.5605 with more than 16 million shares, compared to its average volume of 2.39 million shares. The stock has moved within a range of $0.5501 – 0.6560 after opening trade at $0.62.
OceanPal Inc. Announces Pricing of Approximately US$12.5 Million Underwritten Public Offering
The offering, which is of an underwritten nature, is going to be made up of 15571429 units in OceanPal and the pricing of the same was set at $0.77 a unit. Each unit is going to be made up of one share of the OceanPal common stock and a solitary Class A warrant that will entitle the holder to pick one common share.
However, in addition to that, it was also announced yesterday that some shareholders who are affiliated with OceanPal are also going to sell as many as 628571 shares of the company’s common stock. The announcement was greeted with a thumbs down by investors and the OceanPal stock suffered from an almighty selloff as a consequence.
Considering the magnitude of the decline, it is going to be interesting to see if the stock can bounce back to some degree this week or not.
Technical Data
OP stock is trading below the 20-Day and 50-Day Moving averages of $1.90 and $1.90 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.50.
