OceanPal Inc. (NASDAQ:SVRN) (the "Company" or "OceanPal") today announced that on May 19, 2026 it received a delinquency notification letter (the "Notification") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") regarding the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company's not having timely filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the "Form 20-F").

The Notification has no immediate effect on the listing or trading of the Company's common shares on the Nasdaq Capital Market, which trades under the symbol "SVRN." Pursuant to the Notification, the Company has 60 calendar days from the date of receipt, or until July 20, 2026, to submit a plan to Nasdaq to regain compliance. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an exception of up to 180 calendar days from the Form 20-F's original due date, or until October 27, 2026, to regain compliance. The Company intends to resolve the issue in a timely fashion which may include the submission compliance plan to Nasdaq prior to the deadline.