Imperial Petrole Stock Price, News & Analysis

Imperial Petroleum Inc. (Nasdaq: IMPP) announced the election of George Xiradakis as Class I director during its annual stockholders' meeting held in Athens on December 20, 2022. Xiradakis will serve until the next meeting in 2025. Additionally, stockholders ratified the appointment of Deloitte Certified Public Accountants S.A. as independent auditors for the fiscal year ending December 31, 2022. Imperial Petroleum operates a fleet of 10 vessels, including product tankers and dry bulk carriers, with a total capacity of approximately 737,000 deadweight tons.

Imperial Petroleum Inc. (Nasdaq: IMPP) announced a $0.546875 per share dividend on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on December 30, 2022 to shareholders of record as of December 27, 2022. This payment covers the period from the last dividend payment on September 30, 2022 to December 29, 2022. As of now, there are 795,878 Series A Preferred Shares outstanding, trading under the ticker IMPPP.

Imperial Petroleum Inc. (Nasdaq: IMPP) has received a 180-day extension from Nasdaq to comply with the minimum bid price requirement of $1.00 per share. The new deadline is June 12, 2023. If the bid price remains above $1.00 for 10 consecutive trading days, compliance will be regained. The company has indicated it may consider a reverse stock split to meet the requirement. Until then, trading of the common stock will continue without immediate effect. The company will monitor its stock price closely and explore options to resolve this issue.

IMPERIAL PETROLEUM INC. (NASDAQ: IMPP) reported significant financial results for Q3 2022, achieving revenues of $42.6 million, up 277% from Q2 2022, and net income of $15.5 million, marking a 15,400% increase. The fleet operational utilization reached 86.3%, with a total of 8.1 vessels owned. EBITDA rose to $18.7 million, while cash and time deposits amounted to $92.4 million. The company noted a strong market environment and plans for future growth. A conference call will provide further insights on October 24, 2022.

Imperial Petroleum Inc. will announce its third quarter and nine-month financial results on October 24, 2022, prior to the market opening in New York. A conference call is scheduled for 11:00 am ET on the same day, where the management will discuss the results and operational outlook.

The company owns a fleet of 10 vessels, including five M.R. product tankers and two Suezmax tankers, with a combined capacity of approximately 737,000 deadweight tons (dwt).

Imperial Petroleum Inc. (Nasdaq: IMPP) announced that its Annual Meeting of Shareholders reconvened on October 13, 2022, but was adjourned due to a lack of quorum. The meeting has been rescheduled to December 20, 2022, at 11:00 a.m. Greek local time. A new record date of October 28, 2022, is set for stockholders to vote in person or by proxy. No changes were made to the proposals for the annual meeting. Imperial Petroleum operates a fleet of 10 vessels, including tankers and drybulk carriers, providing transportation services for petroleum products and crude oil.

Imperial Petroleum Inc. (Nasdaq: IMPP) announced the delivery of the Eco Bushfire, a 2011 dry bulk carrier, valued at $20.5 million. The company secured a $17.0 million term loan for its subsidiaries, repayable in 16 installments, with a final balloon payment of $8.2 million. Additionally, a commitment letter for a $30.8 million secured credit facility was made for financing two crude tankers. The company also secured time charters for its vessels, with rates around $40,000 and $50,000 per day, while noting current market rates for spot charters at approximately $35,000 for Suezmax and $16,000 for Handysize.

Imperial Petroleum Inc. (Nasdaq: IMPP) has announced a dividend of approximately $0.546875 per share for its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on September 30, 2022, to shareholders on record as of September 27, 2022. This dividend relates to the period following the last payment on June 30, 2022. There are currently 795,878 shares of Series A Preferred outstanding. The company operates a fleet of vessels, with plans to increase its capacity to approximately 737,000 deadweight tons after acquiring additional dry bulk carriers.

Imperial Petroleum Inc. (Nasdaq: IMPP) announced on September 14, 2022, that its Annual Meeting of Shareholders was adjourned due to lack of quorum and will reconvene on October 13, 2022. Shareholders of record as of July 22, 2022, are urged to vote on proposals regarding the election of a director and the appointment of independent auditors. The company owns 8 vessels and plans to acquire 2 additional dry bulk carriers, increasing its fleet capacity to approximately 737,000 deadweight tons.