IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM ANNOUNCES RECEIPT OF NASDAQ
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 Company’s 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 Company’s common stock will
continue to be listed and trade on The Nasdaq Capital Market. The
Company’s business operations are not affected by the receipt of
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
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