Imperial Petroleum - Correction Notice To Press Release Regarding Dividend Amount

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq: IMPP) has corrected its quarterly cash dividend for the 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock. The correct dividend is set at $0.1640625 per share, payable on December 30, 2021, to shareholders on record as of December 27, 2021. The company operates in petroleum transportation, owning four tankers with a total capacity of 255,804 dwt. The announcement reflects the company's commitment to its investors amid ongoing market fluctuations.

Positive

• The company reaffirmed its dividend payment of $0.1640625 per share, demonstrating financial commitment to shareholders.
• Imperial Petroleum owns four tankers, indicating strong operational capacity in oil transportation.

Negative

• The company faces uncertainties related to the COVID-19 pandemic's impact on shipping and market conditions.
• Operational expenses may increase due to fluctuating prices, affecting profitability.

ATHENS, Greece, Dec. 17, 2021 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) today announced a correction to the previously announced quarterly cash dividend payable on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock for the period from the original issuance date on December 3, 2021 through December 29, 2021. As corrected, the Company will pay a cash dividend of $0.1640625 per share of its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on December 30, 2021 to holders of record as of December 27, 2021.

ABOUT IMPERIAL PETROLEUM INC.
Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services. The Company owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 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 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
E-mail: fs@Imperialpetro.com

FAQ

What is the dividend amount for IMPP?

The dividend amount for Imperial Petroleum's 8.75% Series A Cumulative Redeemable Preferred Stock is $0.1640625 per share.

When will the dividend for IMPP be paid?

The dividend will be paid on December 30, 2021, to holders of record as of December 27, 2021.

What are the risks affecting Imperial Petroleum Inc.?

Risks include uncertainties from the COVID-19 pandemic, changes in charter hire rates, and increased operational expenses.