Imperial Petroleum Inc. Common Shares - IMPP STOCK NEWS

Imperial Petroleum Inc. (Nasdaq: IMPP) has announced a one-for-fifteen reverse stock split of its common stock, effective April 28, 2023. This move aims to raise the stock's market price, facilitating compliance with Nasdaq's listing standards after previous notices of non-compliance due to low share prices. The split will reduce the number of outstanding shares from approximately 248.1 million to about 16.5 million, with no effect on shareholders' ownership percentages, except for fractional shares, which will be compensated in cash. The company believes this action will help regain compliance and enhance its market valuation, with required adjustments to outstanding warrants also implemented.

Imperial Petroleum Inc. (Nasdaq: IMPP) announced a spin-off of two drybulk carriers through a newly formed subsidiary, C3is Inc.. The registration statement on Form F-1 has been filed with the SEC, and the transaction is anticipated to complete in the second quarter of 2023, pending regulatory approvals. The spin-off aims to establish C3is Inc. as a 'pure play' in the drybulk sector, allowing Imperial Petroleum to concentrate on tanker operations.

Shareholders will receive common shares of C3is Inc. as part of the spin-off. The board believes this move will attract new investors and provide shareholders with flexibility in their investments. However, completion of the transaction is not guaranteed, and its terms may change.

Imperial Petroleum (Nasdaq: IMPP) announced the early repayment of a $30 million loan to NBG Bank, secured by first priority mortgages on two Suezmax tankers, the Suez Enchanted and the Suez Protopia. This repayment reduces Imperial's total debt to approximately $15 million. By utilizing its excess cash, the Company aims to enhance cash flow amid rising finance costs. Currently, Imperial operates a fleet of twelve vessels, with most unencumbered, allowing for strategic financial flexibility in the maritime sector.

Imperial Petroleum Inc. (Nasdaq: IMPP) has repaid its $23.2 million loan with DNB ASA Bank, significantly reducing its total debt to approximately $45 million. This loan was secured against multiple vessels, including the product tankers Magic Wand, Clean Sanctuary, and Clean Thrasher, as well as the Aframax tanker Stealth Berana. The company operates a fleet of twelve vessels, with eight unencumbered. The repayment reflects the company's ongoing strategy to strengthen its balance sheet and positions it favorably within the maritime transportation sector.

Imperial Petroleum Inc. (Nasdaq: IMPP) announced an estimated Net Asset Value (NAV) of $338.6 million as of March 27, 2023, indicating a 717% increase over its current market capitalization. This includes total outstanding cash of $142.2 million and translates to a NAV of $1.39 per common share, and $1.17 on a fully diluted basis. The NAV is based on recent vessel values and is subject to market conditions; it should not be interpreted as guaranteed shareholder value. The company operates a fleet of twelve vessels and is focused on petroleum and dry bulk transportation.

Imperial Petroleum Inc. (Nasdaq: IMPP) has declared a dividend of approximately $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on March 30, 2023. This dividend pertains to the period from December 30, 2022, to March 29, 2023, with a record date of March 27, 2023. Currently, there are 795,878 Series A Preferred Shares outstanding, which are traded under the symbol IMPPP. The company, engaged in seaborne transportation of petroleum products and crude oil, owns a fleet of twelve vessels with a total capacity of 808,000 deadweight tons.

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.

Imperial Petroleum Inc. (Nasdaq: IMPP) has agreed to acquire two handysize drybulk carriers for $25.5 million and 13,875 shares of Series C Convertible Preferred Stock. The vessels, built in Japan in 2012 and 2013, have a combined capacity of around 71,000 dwt. These acquisitions, expected to close by the end of March 2023, were approved by independent directors and supported by a fairness opinion from an advisor. The Series C shares carry a 5.00% annual dividend, convertible into common stock after six months. Following the acquisition, Imperial Petroleum's fleet will total 12 vessels with a capacity of 808,000 dwt.

IMPERIAL PETROLEUM (NASDAQ: IMPP) reported impressive financial results for Q4 2022, with revenues soaring to $37.9 million, an increase of 847.5% year-over-year. Net income stood at $13.8 million, a significant turnaround from a loss of $1.5 million in Q4 2021. The company generated a total net income of $29.5 million for 2022, marking a 1,020% increase. The fleet utilization was 79.4%, with a strong focus on spot market activities. The company maintains a solid cash position of $118.9 million and a manageable debt of $70 million. CEO Harry Vafias highlighted successful market navigation and anticipates continued growth in 2023.