Imperial Petroleum Announces Termination of At-The-Market Equity Offering Program

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq: IMPP) announced the termination of its ATM equity offering program, previously executed with Maxim Group LLC and Virtu Americas LLC. The program resulted in the issuance and sale of 50,780,137 shares, generating approximately US$12.5 million in gross proceeds. Following this, the company operates a fleet of twelve vessels, which will expand to include two additional vessels by the end of March 2023, increasing its total deadweight tonnage capacity to around 808,000 dwt. The company continues to navigate risks associated with market conditions, operational costs, and external factors affecting the shipping industry.

Positive

• Generated approximately US$12.5 million in gross proceeds from ATM Offering.
• Expansion of fleet capacity to approximately 808,000 dwt with incoming vessel deliveries.

Negative

• Risks associated with market conditions and charter rates affecting revenue.
• Potential impacts from COVID-19 and other uncertainties in international shipping.

ATHENS, Greece, March 13, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced today that it has provided notice of termination of the ATM equity offering program (the “ATM Offering”) that was in place with Maxim Group LLC and Virtu Americas LLC acting as sales agents.

Prior to termination, the Company issued and sold 50,780,137 shares of its common stock under the ATM Offering raising total gross proceeds of approximately US$12.5 million.

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and four Handysize dry bulk carriers two of which will be delivered by end of March 2023. Following these deliveries, the Company’s fleet will have a capacity of approximately 808,000 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, 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 significance of the ATM equity offering termination for IMPP?

The termination of the ATM equity offering allows Imperial Petroleum to end a program that had raised approximately US$12.5 million through the sale of shares, potentially stabilizing its stock value.

How much capital did Imperial Petroleum raise from the ATM Offering?

Imperial Petroleum raised approximately US$12.5 million from the sale of 50,780,137 shares under the ATM Offering.

What will be the fleet capacity of Imperial Petroleum after the new vessel deliveries?

After the delivery of two additional vessels by the end of March 2023, Imperial Petroleum's total fleet capacity will increase to approximately 808,000 deadweight tons.

What risks does Imperial Petroleum face in the shipping industry?

Imperial Petroleum faces risks related to market conditions, charter hire rates, operational costs, and the impact of COVID-19 on global shipping routes and demand.