Exhibit 99.1
IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM ANNOUNCES RECEIPT OF NASDAQ NOTICE
Athens, Greece, June 24, 2022 Imperial Petroleum Inc. (Nasdaq: IMPP) (the Company) announced today that it has received written
notification from The Nasdaq Stock Market (Nasdaq) dated June 17, 2022, indicating that because the closing bid price of the Companys common stock for 30 consecutive business days, from May 5, 2022 to June 16, 2022,
was below the minimum $1.00 per share bid price requirement for continued listing on The Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace
period to regain compliance is 180 days, or until December 14, 2022.
The Company intends to monitor the closing bid price of its common stock during
this grace period and will consider its options in order to regain compliance with The Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or
higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and
requirements, the Company may be eligible for an additional 180-day grace period.
The Company intends to cure the
deficiency within the prescribed grace period. During this time, the Companys common stock will continue to be listed and trade on The Nasdaq Capital Market. The Companys business operations are not affected by the receipt of the
notification.
ABOUT IMPERIAL PETROLEUM INC.
Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services. The Company owns a total of eight
tanker vessels; five M.R. product tankers, one Aframax oil tanker and two Suezmax tankers with a total capacity of approximately 682,000 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, managements 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
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