SC 13G 1 ea154878-13gintra_ocean.htm SCHEDULE 13G

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. )*

OceanPal Inc.

(Name of Issuer)

Common stock, $0.01 par value per share

(Title of Class of Securities)

MHY6430L1039

(CUSIP Number)

January 25, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 8

CUSIP No. MHY6430L1039

1.	Names of Reporting Persons. Mitchell P. Kopin
2.	Check the Appropriate Box if a Member of a Group (See Instructions) (a) (b)
3.	SEC Use Only
4.	Citizenship or Place of Organization United States of America

Number of

Shares Beneficially

Owned by Each

Reporting

Person With:

Sole Voting Power

Shared Voting Power

1,123,796

Sole Dispositive Power

Shared Dispositive Power

1,123,796

9.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,123,796 (see Item 4)
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
11.	Percent of Class Represented by Amount in Row (9) 4.99% (see Item 4)
12.	Type of Reporting Person (See Instructions) IN; HC

Page 2 of 8

CUSIP No. MHY6430L1039

1.	Names of Reporting Persons. Daniel B. Asher
2.	Check the Appropriate Box if a Member of a Group (See Instructions) (a) (b)
3.	SEC Use Only
4.	Citizenship or Place of Organization United States of America

Number of

Shares Beneficially

Owned by Each

Reporting

Person With:

Sole Voting Power

Shared Voting Power

1,123,796

Sole Dispositive Power

Shared Dispositive Power

1,123,796

9.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,123,796 (see Item 4)
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
11.	Percent of Class Represented by Amount in Row (9) 4.99% (see Item 4)
12.	Type of Reporting Person (See Instructions) IN; HC

Page 3 of 8

CUSIP No. MHY6430L1039

1.	Names of Reporting Persons. Intracoastal Capital LLC
2.	Check the Appropriate Box if a Member of a Group (See Instructions) (a) (b)
3.	SEC Use Only
4.	Citizenship or Place of Organization Delaware

Number of

Shares Beneficially

Owned by Each

Reporting

Person With:

Sole Voting Power

Shared Voting Power

1,123,796

Sole Dispositive Power

Shared Dispositive Power

1,123,796

9.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,123,796 (see Item 4)
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
11.	Percent of Class Represented by Amount in Row (9) 4.99% (see Item 4)
12.	Type of Reporting Person (See Instructions) OO

Page 4 of 8

Item 1.

(a) Name of Issuer

OceanPal Inc. (the “Issuer”)

(b) Address of Issuer’s Principal Executive Offices

Pendelis 26, 175 64 Palaio Faliro, Athens, Greece

Item 2.

(a) Name of Person Filing

(b) Address of Principal Business Office or, if none, Residence

This Schedule 13G is being filed on behalf of (i) Mitchell P. Kopin, an individual who is a citizen of the United States of America (“Mr. Kopin”), (ii) Daniel B. Asher, an individual who is a citizen of the United States of America (“Mr. Asher”) and (iii) Intracoastal Capital LLC, a Delaware limited liability company (“Intracoastal” and together with Mr. Kopin and Mr. Asher, collectively the “Reporting Persons”).

The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 1, pursuant to which the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended.

The principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483.

The principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000, Chicago, Illinois 60604.

(d) Title of Class of Securities

Common stock, $0.01 par value per share, of the Issuer (the “Common Stock”).

(e) CUSIP Number

MHY6430L1039

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Not applicable.

Item 4. Ownership.

(a) and (b):

(i) Immediately following the consummation of the underwritten public offering by the Issuer on January 25, 2022 (the “Offering”) (as disclosed in the Form 6-K filed by the Issuer with the Securities and Exchange Commission on January 25, 2022), each of the Reporting Persons may have been deemed to have beneficial ownership of 1,334,000 shares of Common Stock held by Intracoastal, and all such shares of Common Stock represented beneficial ownership of approximately 6.1% of the Common Stock, based on 21,891,669 shares of Common Stock outstanding following the consummation of the Offering as reported to the Reporting Persons by the Issuer. The foregoing excludes 1,334,000 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal (the “Intracoastal Warrant”) because the Intracoastal Warrant contains a blocker provision under which the holder thereof does not have the right to exercise the Intracoastal Warrant to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common Stock. Without such blocker provision, each of the Reporting Persons may have been deemed to have beneficial ownership of 2,668,000 shares of Common Stock.

Page 5 of 8

(ii) As of the close of business on February 3, 2022, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,123,796 shares of Common Stock, which consisted of (i) 494,501 shares of Common Stock held by Intracoastal and (ii) 629,295 shares of Common Stock issuable upon exercise of the Intracoastal Warrant, and all such shares of Common Stock represented beneficial ownership of approximately 4.99% of the Common Stock, based on (1) 21,891,669 shares of Common Stock outstanding following the consummation of the Offering as reported to the Reporting Persons by the Issuer, plus (2) 629,295 shares of Common Stock issuable upon exercise of the Intracoastal Warrant. The foregoing excludes 704,705 shares of Common Stock issuable upon exercise of the Intracoastal Warrant because the Intracoastal Warrant contains a blocker provision under which the holder thereof does not have the right to exercise the Intracoastal Warrant to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common Stock. Without such blocker provision, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,828,501 shares of Common Stock.

(i)

Sole power to vote or to direct the vote: 0 .

(ii)

Shared power to vote or to direct the vote: 1,123,796 .

(iii)

Sole power to dispose or to direct the disposition of 0 .

(iv)

Shared power to dispose or to direct the disposition of 1,123,796 .

Item 5. Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following þ.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company

Not applicable.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

Page 6 of 8

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 3, 2022

	/s/ Mitchell P. Kopin
	Mitchell P. Kopin

	/s/ Daniel B. Asher
	Daniel B. Asher

	Intracoastal Capital LLC

	By:	/s/ Mitchell P. Kopin
		Mitchell P. Kopin, Manager

Page 7 of 8

Exhibit 1

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Date: February 3, 2022

	/s/ Mitchell P. Kopin
	Mitchell P. Kopin

	/s/ Daniel B. Asher
	Daniel B. Asher

	Intracoastal Capital LLC

	By:	/s/ Mitchell P. Kopin
		Mitchell P. Kopin, Manager

Page 8 of 8

SEC Form SC 13G filed by OceanPal Inc.