Imperial Petroleum Announces Termination of At-The-Market Equity Offering Program
March 13 2023 - 4:45PM
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced
today that it has provided notice of termination of the ATM equity
offering program (the “ATM Offering”) that was in place with Maxim
Group LLC and Virtu Americas LLC acting as sales agents.
Prior to termination, the Company issued and
sold 50,780,137 shares of its common stock under the ATM Offering
raising total gross proceeds of approximately US$12.5 million.
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 twelve
vessels; five M.R. product tankers, one Aframax oil tanker, two
Suezmax tankers and four Handysize dry bulk carriers two of which
will be delivered by end of March 2023. Following these deliveries,
the Company’s fleet will have a capacity of approximately 808,000
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 completion of the acquisition
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,
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.00-30-210-6250-001
Imperial Petroleum (NASDAQ:IMPP)
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