IMPERIAL PETROLEUM INC. GRANTED 180-DAY EXTENSION BY NASDAQ TO REGAIN
COMPLIANCE WITH MINIMUM BID PRICE RULE
Athens, Greece, December 15, 2022 – 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
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
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.