OceanPal Authorizes $10 Mln Share Repurchase To Support New Strategy

(RTTNews) - OceanPal Inc. (SVRN) on Monday announced that its board has given the green light for a share repurchase plan of up to $10 million. This will be covered by the premiums from its options strategy.

This decision comes as the company shifts its focus towards AI-cloud infrastructure through its subsidiary, SovereignAI. Co-CEOs Robert Perri and Sal Ternullo noted that this move highlights their confidence in the company's long-term worth and its proactive management approach.

Starting December 1, OceanPal can kick off these buybacks as it looks to grow its digital asset treasury activities using NEAR Protocol technology.

SVRN closed Monday's trading at $1.38 up $0.01 or 0.73 percent on the Nasdaq.