Imperial Petroleum Inc. Announces Commencement of Trading on the Nasdaq Capital Market

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq: IMPP) announced its spin-off from StealthGas Inc. effective December 3, 2021. Starting December 6, 2021, its common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock will trade on the Nasdaq Capital Market under the symbols "IMPP" and "IMPPP." The company specializes in seaborne transportation services for petroleum products and crude oil, owning three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons.

Positive

• Successful spin-off from StealthGas Inc.
• Commencing trading under ticker symbols IMPP and IMPPP indicates market readiness.
• Operational fleet includes three M.R. product tankers and one Aframax oil tanker.

Negative

• None.

ATHENS, Greece, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum product and crude oil seaborne transportation services, today announced that it has completed its spin-off from StealthGas Inc., effective December 3, 2021. The Company’s shares of common stock, par value $0.01 per share, and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, will commence trading on Monday, December 6, 2021, on the Nasdaq Capital Market under the ticker symbols “IMPP” and “IMPPP”, respectively.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and become effective. A prospectus may be obtained from the Company.

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 dry dockings, 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.

Company Contact:

Fenia Sakellaris
IMPERIAL PETROLEUM INC.
00-30-210-6250-001
E-mail: fs@Imperialpetro.com

 

FAQ

When will Imperial Petroleum Inc. start trading on Nasdaq under the symbol IMPP?

Imperial Petroleum Inc. will start trading on Nasdaq under the symbol IMPP on December 6, 2021.

What type of company is Imperial Petroleum Inc.?

Imperial Petroleum Inc. is a ship-owning company that provides petroleum product and crude oil seaborne transportation services.

What is the capacity of Imperial Petroleum Inc.'s fleet?

Imperial Petroleum Inc.'s fleet has a total capacity of 255,804 deadweight tons.

What is the dividend yield of Imperial Petroleum Inc.'s Series A Preferred Stock?

Imperial Petroleum Inc.'s Series A Cumulative Redeemable Perpetual Preferred Stock offers an 8.75% dividend yield.

What does the spin-off from StealthGas Inc. mean for Imperial Petroleum Inc.?

The spin-off allows Imperial Petroleum Inc. to operate independently, focusing on its core business of petroleum transportation.