OceanPal Enters Support Agreement With Sphinx Investment, An Affiliate Of George Economou; Sphinx Terminates Its Proxy Contest
Portfolio Pulse from Benzinga Newsdesk
OceanPal has entered into a support agreement with Sphinx Investment, an affiliate of George Economou. As part of the agreement, Sphinx Investment has terminated its proxy contest. Sphinx Investment owns approximately 14.1% of OceanPal's outstanding common stock.
May 17, 2024 | 11:38 am
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OceanPal has entered into a support agreement with Sphinx Investment, which has terminated its proxy contest. Sphinx Investment owns 14.1% of OceanPal's outstanding common stock.
The support agreement and termination of the proxy contest by a significant shareholder (14.1%) is likely to stabilize OceanPal's governance and reduce uncertainty, which is positive for the stock price in the short term.
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