ATHENS, Greece, April 9, 2026 /PRNewswire/ -- OceanPal Inc. ((the ", Company", or ", OceanPal", , NASDAQ:SVRN), today announced that it has repurchased a total of 345,168 shares of OceanPal common stock (as adjusted to reflect the reverse stock split) from the initiation of its previously authorized share buyback program through March 27th, 2026. The Company also announced that it will target a 0.8x multiple of net asset value ("mNAV") as a target repurchase threshold for future share repurchases, below which the Company will treat repurchases of its common stock as a primary capital allocation priority. As of the date of this press release, the Company has deployed $2.7 million under the program, with $7.3 million in authorized capacity remaining.
The repurchases were executed under the $10 million share repurchase program the Board authorized and announced on December 1, 2025. At the time of those purchases, OceanPal's shares were trading at a discount that the Company's management assessed as materially disconnected from the market value of its NEAR holdings. Management made the decision to deploy capital because the market was, in its view, mispricing the stock relative to the underlying business and balance sheet.
The 0.8x mNAV threshold announced today formalizes that logic as a standing target. When OceanPal's market capitalization falls below 0.8 times the market value of its NEAR treasury holdings, the Board and management expect share repurchases to constitute the most efficient capital action available to the Company—equivalent, in economic terms, to acquiring NEAR at a discount to its market price. The policy does not obligate the Company to repurchase any specific number of shares, and repurchases will be executed at management's sole discretion in accordance with applicable securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934. The $7.3 million in remaining authorized capacity under the existing program will be the primary vehicle for executing repurchases under this policy.
As of market close April 8, 2026, OceanPal's common stock has appreciated 50+% since the ...
