Price Issue Resolved

OceanFreight announced this week that the previously announced reverse stock split was approved by shareholders last week and became effective as of the start of trading today. The 1-for-3 reverse split will automatically convert three current shares of the company’s common stock into one new share of common stock. The split will reduce the number of outstanding shares from approximately 238.1 million to 77.3 million shares with a commensurate increase in the share price.

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