OceanPal Completes $120 Million Financing, Partners with NEAR Foundation to Launch SovereignAI and Digital Asset Treasury

Techub News, according to The Wall Street Journal, OceanPal Inc. today announced the completion of a $120 million public company private investment (PIPE) transaction for the purchase and sale of common shares and/or pre-funded warrants. The company plans to use the net proceeds from this transaction to implement a digital asset treasury strategy through its wholly-owned subsidiary SovereignAI Services LLC ("SovereignAI"), which focuses on commercializing the NEAR Protocol, a blockchain platform designed for artificial intelligence (AI) use cases. Through this transaction, OceanPal is expected to become a major public investment vehicle via SovereignAI, providing investors with exposure to NEAR (the native token of NEAR Protocol) and the underlying AI infrastructure required to support autonomous business operations.