Imperial Petroleum Inc. Granted 180-Day Extension by Nasdaq to Regain Compliance With Minimum Bid Price Rule
December 15 2022 - 4:15PM
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a
ship-owning company providing petroleum products, crude oil, and
drybulk seaborne transportation services, today announced that the
Company received formal notification from the Listing
Qualification Department of the Nasdaq Stock
Market (“Nasdaq”) notifying the Company that it has been
granted an additional 180-day compliance period, or until June
12, 2023, to regain compliance with the minimum $1.00 bid
price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2)
(the "Rule").
If at any time until June 12, 2023, the bid price of the
Company's common stock closes at or above $1.00 per share
for a minimum of 10 consecutive trading days, the Company will
regain compliance with the Rule, and the matter will be closed.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), Nasdaq
staff determined that the Company was eligible for an additional
180-day period to regain compliance based on the Company meeting
the continued listing requirement for the market value of publicly
held shares and all other applicable requirements for initial
listing on the Nasdaq Stock Market, with the exception of the
bid price requirement, and the Company’s written notice of its
intention to cure the deficiency during the second compliance
period and if necessary, by effecting a reverse stock split.
If the Company does not meet the minimum bid requirement during
the additional 180-day grace period, Nasdaq will provide written
notification to the Company that its shares will be subject to
delisting. At such time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel. The Company would
remain listed pending the Panel's decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company’s shares of common stock.
During this time, the Company’s common stock will continue to be
listed and trade on the Nasdaq Capital Market.
The Company will actively monitor the closing bid price of its
common stock between now and June 12, 2023, and intends to
consider all available options to resolve the deficiency and regain
compliance within the additional compliance period provided.
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 10 vessels; five M.R. product
tankers, one Aframax oil tanker, two suezmax tankers and two
handysize dry bulk carriers, with a capacity of approximately
737,000 deadweight tons (dwt). 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, 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 Sakellaris
IMPERIAL PETROLEUM INC.
00-30-210-6250-001
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