OceanPal Inc. (NASDAQ: SVRN) completed a $2.7 million share repurchase, buying back 345,168 shares under its $10 million buyback program and leaving $7.3 million of authorized capacity unused. The repurchases were executed through March 27 2026 and were adjusted to reflect the company’s one‑for‑twenty‑five reverse split that took effect on March 30 2026.
The buyback program was authorized by the board on December 1 2025. The reverse split was implemented to satisfy Nasdaq’s minimum bid‑price requirement and to consolidate the company’s share count, after which the stock price rose more than 50% from its split‑effective level.
Management stated that the program is intended to be a primary capital allocation when the market price falls below 0.8 times the company’s market‑based net asset value (mNAV). “The market priced our shares at a significant discount to the value of our NEAR treasury in the days before the reverse split, so we acted on it. The repurchases were a straightforward application of the same capital discipline we intend to maintain going forward. We’ve established 0.8x mNAV as the target. Below that threshold, we are buyers. It reflects our conviction in the quality of our treasury, the strength of NEAR Protocol, and the direction our business is heading.”
OceanPal’s financial backdrop includes a $65.2 million net loss for the fiscal year ended December 31 2025, a sharp decline in vessel revenues from $25.7 million in 2024 to $13.4 million in 2025, and a $73.5 million NEAR Protocol treasury valued at over 55 million NEAR tokens, generating an approximate 5% gross annualized yield through institutional staking and options. Despite the losses, the company’s stockholders’ equity rose to $156.6 million as of December 31 2025.
Market reaction has been positive, with the stock appreciating more than 50% since the reverse split, delivering a 45% return over the week leading up to April 9 2026, and posting a 21% gain on April 9. Investors have responded to the perceived undervaluation of the shares relative to the NEAR treasury holdings and the momentum generated by the reverse split, viewing the buyback threshold as a signal of management’s confidence in the company’s long‑term value proposition.
The share repurchase demonstrates OceanPal’s commitment to returning value to shareholders while maintaining liquidity for its dual‑business model, which combines a shipping division with a growing digital‑asset treasury strategy centered on NEAR Protocol. The program’s execution amid a challenging operating environment underscores the company’s disciplined capital allocation approach and its belief that the NEAR treasury represents a durable source of value for investors.
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