Imperial Petroleum Announces Closing of $40 Million Underwritten Public Offering
May 19 2022 - 4:20PM
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced
today the closing of an underwritten public offering of 72,727,272
units at a price of $0.55 per unit. Each unit consisted of one
share of common stock and one Class C warrant to purchase one
share of common stock, and immediately separated upon issuance. In
addition, the Company granted the underwriter a 45-day option to
purchase up to an additional 10,909,090 shares of common stock
and/or prefunded warrants and/or 10,909,090 Class C warrants, at
the public offering price less underwriting discounts and
commissions, which the underwriter has partially exercised to
purchase 10,909,090 additional Class C Warrants.
The gross proceeds of the offering to the Company, before
underwriting discounts and commissions and estimated offering
expenses, were approximately $40 million.
The Company intends to use the net proceeds of the offering for
capital expenditures, including acquisitions of additional vessels
which we have not yet identified, which may include vessels in
seaborne transportation sectors other than the product and crude
tanker sectors in which we currently operate, and for other general
corporate purposes.
Each Class C warrant is immediately exercisable for one
share of common stock at an exercise price of $0.55 per share and
will expire five years from issuance.
Maxim Group LLC acted as sole book-running manager in connection
with the offering.
The offering was conducted pursuant to the Company’s
registration statement on Form F-1 previously filed with
and subsequently declared effective by the Securities and Exchange
Commission (“SEC”) on May 16, 2022. A final prospectus relating to
the offering was filed with the SEC and is available on the SEC’s
website at http://www.sec.gov. Copies of the final prospectus
relating to this offering may be obtained from Maxim Group LLC, 300
Park Avenue, 16th Floor, New York, NY 10022, at
(212) 895-3745.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
ABOUT IMPERIAL PETROLEUM INC.Imperial Petroleum
Inc. is a ship-owning company providing petroleum product and crude
oil seaborne transportation services. The Company owns four M.R.
product tankers and one Aframax oil tanker with a total capacity of
305,804 deadweight tons (dwt) and has entered into an agreement to
acquire one more product tanker with expected delivery by the end
of May 2022. 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 anticipated use of proceeds
from the offering, 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, the conflict in Ukraine and
related sanctions, 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 SakellarisIMPERIAL PETROLEUM
INC.00-30-210-6250-001E-mail: fs@Imperialpetro.com
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