Imperial Petroleum Inc. Repurchases Class C and Class D Warrants from Institutional Investors

Imperial Petroleum Inc., a ship-owning company providing petroleum products, crude oil, and dry bulk seaborne transportation services, has announced its agreement to repurchase 1,480,001 Class C Warrants and 1,100,003 Class D Warrants from certain institutional investors. The total purchase price for these warrants amounts to approximately $0.62 million.

Imperial Petroleum Inc. currently owns a fleet of eleven vessels, including five M.R. product tankers, two Suezmax tankers, and two handysize dry bulk carriers, with a combined capacity of 628,000 deadweight tons (dwt). Additionally, the company has two more tankers, one aframax, and one product tanker, which are scheduled for delivery by the end of January 2024. Once these deliveries are completed, Imperial Petroleum Inc. will possess a fleet with a total capacity of 791,716 dwt.

The shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock of Imperial Petroleum Inc. are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

While discussing this repurchase agreement, Imperial Petroleum Inc. emphasized that forward-looking statements were made based on various assumptions, including historical operating trends, data analysis, and other third-party information. However, due to the inherent uncertainties and contingencies beyond the company’s control, there is no assurance that these expectations, beliefs, or projections will be achieved.

Factors that could potentially impact the actual results include the strength of world economies and currencies, general market conditions, changes in charter hire rates and vessel values, charter counterparty performance, changes in demand affecting drydockings, shipyard performance, operating expenses, financing arrangements, regulatory actions, potential litigation liability, political conditions, shipping route disruptions, accidents, and political events.

Imperial Petroleum Inc. encourages interested parties to review their reports filed with the U.S. Securities and Exchange Commission for a comprehensive understanding of the risks and uncertainties associated with their business.

For further information, please contact Fenia Sakellaris at IMPERIAL PETROLEUM INC. via email at info@ImperialPetro.com.