Imperial Petroleum Inc. Declares Dividend on Series A Preferred Shares

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq: IMPP) has announced a dividend of approximately $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock. This dividend is payable on March 30, 2022 to shareholders on record as of March 25, 2022. There are currently 795,878 Series A Preferred Shares outstanding. The company, engaged in petroleum product and crude oil transportation, owns three product tankers and one Aframax oil tanker, with plans to acquire two additional tankers.

Positive

• Dividend of $0.546875 per share demonstrates commitment to shareholder returns.
• Plans to acquire two additional product tankers could enhance operational capacity.

Negative

• Risks associated with the COVID-19 pandemic may affect future performance.
• Vessel values and charter hire rates are subject to market volatility, impacting revenue.

ATHENS, Greece, March 15, 2022 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum product and crude oil seaborne transportation services, today announced a dividend of approximately $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Shares”), payable on March 30, 2022 to holders of record as of March 25, 2022. The dividend payment relates to the period from the last dividend payment date for the Series A Preferred Shares on December 30, 2021 through March 29, 2022.

There are 795,878 Series A Preferred Shares outstanding as of the date hereof. The Series A Preferred Shares trade on the Nasdaq Capital Market under the ticker symbol “IMPPP”.

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services. The Company currently owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt), and has contracted to acquire two additional product tankers. 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 Imperial Petroleum's Series A Preferred Shares?

The dividend amount is approximately $0.546875 per share.

When is the dividend payment date for Imperial Petroleum's Series A Preferred Shares?

The dividend is payable on March 30, 2022.

What is the record date for receiving the dividend from Imperial Petroleum?

The record date is March 25, 2022.

How many Series A Preferred Shares are outstanding for Imperial Petroleum?

There are 795,878 Series A Preferred Shares outstanding.

What does Imperial Petroleum do?

Imperial Petroleum provides petroleum product and crude oil seaborne transportation services.