IMPERIAL PETROLEUM INC. Declares Dividend on Series A Preferred Shares

Rhea-AI Summary

IMPERIAL PETROLEUM (Nasdaq: IMPP) has announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock. This dividend will be paid on July 1, 2024, to shareholders on record as of June 26, 2024. The dividend covers the period from March 30, 2024, to June 29, 2024. There are currently 795,878 Series A Preferred Shares outstanding, which trade on the Nasdaq Capital Market under the ticker 'IMPPP.'

Positive

• Dividend declared: $0.546875 per share on Series A Preferred Stock.
• Payment date set for July 1, 2024.
• Record date: June 26, 2024.
• Covers dividend period from March 30, 2024, to June 29, 2024.
• 795,878 Series A Preferred Shares outstanding.

Negative

• Dividend announcement does not directly impact common stockholders.
• Potential shareholder dilution if more preferred shares are issued in the future.

ATHENS, Greece, June 13, 2024 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, today announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Shares”), payable on July 1, 2024, to holders of record as of June 26, 2024. The dividend payment relates to the period from the last dividend payment date for the Series A Preferred Shares on March 30, 2024, through June 29, 2024.

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 products, crude oil and drybulk seaborne transportation services. The Company owns a total of ten vessels - six M.R. product tankers, two suezmax tankers and two handysize drybulk carriers - with a total capacity of 678,000 deadweight tons (dwt), and has contracted to acquire an additional 40,170 dwt M.R. product tanker and an additional 33,700 dwt handysize drybulk carrier. 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, 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 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 any financing arrangements, performance of counterparty to our vessel sale agreement, 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, the conflict on Israel and Gaza, the potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or 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.
E-mail: info@imperialpetro.com

FAQ

What dividend has IMPERIAL PETROLEUM declared for its Series A Preferred Shares?

IMPERIAL PETROLEUM declared a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock.

When is the dividend payment date for IMPERIAL PETROLEUM's Series A Preferred Shares?

The dividend payment date is July 1, 2024.

What is the record date for IMPERIAL PETROLEUM's Series A Preferred Shares dividend?

The record date is June 26, 2024.

What is the stock ticker for IMPERIAL PETROLEUM's Series A Preferred Shares?

The stock ticker for the Series A Preferred Shares is 'IMPPP' on the Nasdaq Capital Market.

How many Series A Preferred Shares does IMPERIAL PETROLEUM have outstanding?

IMPERIAL PETROLEUM currently has 795,878 Series A Preferred Shares outstanding.