Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that its previously announced special stock dividend payment to common shareholders of record as of April 24, 2023 of an aggregate of 13,157 Series D Convertible Preferred Shares of OceanPal held by the Company, is now expected to be paid on or around May 30, 2023 . Because there is no public market currently existing or expected to develop for the Series D Convertible Preferred Shares of OceanPal as an accommodation to its common shareholders the Company will automatically convert the Series D Convertible Preferred Shares into OceanPal Inc. common shares on or around the Stock Dividend Payment Date and distribute such common shares to each common shareholder in lieu of Series D Convertible Preferred Shares of OceanPal Common shareholders of the Company will have the opportunity to elect to opt out, in whole but not in part, of the conversion of the Series D Convertible Preferred Shares and instead receive Series D Convertible Preferred Shares in connection with the special dividend.
OceanPal Inc. has filed a registration statement with the U.S. Securities and Exchange Commission registering the OceanPal Inc. common shares and Series D Convertible Preferred Shares in the stock distribution which has been declared effective as of May 11, 2023. The OceanPal Inc. registration statement and the prospectus included therein contains additional information regarding the special dividend and the conversion of the Series D Convertible Preferred Shares.
