New York-listed bulker owner Diana Shipping will spin off three of its older ships into a newly formed vehicle, OceanPal Inc., and have its common shares listed on NASDAQ.
In connection with the spin-off, the company will contribute the three vessel-owning subsidiaries, together with initial working capital of $1m, to OceanPal, and will distribute all of its common shares to the company’s shareholders of record as of October 29, 2021. The Greek owner will also receive preferred shares in OceanPal that will entitle it to certain preferred dividend and voting rights.
Diana also announced earlier on this week that…
