Imperial Petroleum Announces Receipt of Nasdaq Notice

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq: IMPP) received a notification from Nasdaq on June 17, 2022, indicating non-compliance with the minimum bid price requirement of $1.00 per share. The non-compliance was observed over 30 consecutive business days from May 5 to June 16, 2022. The company has a 180-day grace period until December 14, 2022, to regain compliance by maintaining the bid price at $1.00 or more for at least ten consecutive business days. Despite this issue, the company's business operations remain unaffected.

Positive

• The company can regain compliance within the 180-day grace period.
• Common stock will continue to be listed and traded on Nasdaq during the grace period.

Negative

• The stock price has been below the $1.00 minimum for 30 consecutive business days.
• Failure to regain compliance could lead to delisting from Nasdaq.

ATHENS, Greece, June 24, 2022 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced today that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated June 17, 2022, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from May 5, 2022 to June 16, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on The Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until December 14, 2022.

The Company intends to monitor the closing bid price of its common stock during this grace period and will consider its options in order to regain compliance with The Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.

The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on The Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification.

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services. The Company owns a total of eight tanker vessels; five M.R. product tankers, one Aframax oil tanker and two Suezmax tankers with a total capacity of approximately 682,000 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: the completion of the acquisition the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Company Contact:

Fenia Sakellaris
IMPERIAL PETROLEUM INC.
00-30-210-6250-001

FAQ

What is the compliance issue Imperial Petroleum Inc. is facing on Nasdaq?

Imperial Petroleum Inc. is not in compliance with Nasdaq's minimum bid price requirement, having a closing bid price below $1.00 for 30 consecutive business days.

How long does Imperial Petroleum have to regain compliance with Nasdaq?

Imperial Petroleum has a 180-day grace period, until December 14, 2022, to regain compliance.

What will happen if Imperial Petroleum does not regain compliance?

If compliance is not achieved within the grace period, the company may be eligible for an additional 180-day grace period or face delisting.

Is Imperial Petroleum's business operations affected by the Nasdaq notification?

No, the receipt of the notification does not affect Imperial Petroleum's business operations.

What must Imperial Petroleum do to regain compliance with Nasdaq?

The company must maintain a closing bid price of $1.00 or higher for at least ten consecutive business days.