Vafias updates Imperial Petroleum (IMPP) ownership, now 31.9% of stock

Rhea-AI Filing Summary

Imperial Petroleum’s chairman and CEO, Harry N. Vafias, and affiliated entities filed Amendment No. 11 to update their ownership of the company’s common stock. Vafias is reported as beneficially owning 14,266,903 shares, or 31.9% of the class.

Flawless Management Inc. is shown with 6,991,255 shares, or 15.7%, and Arethusa Properties LTD with 3,307,452 shares, or 7.4%. Arethusa acquired 241,225 shares in open‑market purchases for $1,039,977.71. Vafias also received 33,627 shares as a family transfer and 440,000 restricted shares plus options on 299,000 shares as compensatory awards, while reserving the right to buy or sell shares over time.

Key Figures

Vafias beneficial ownership: 14,266,903 shares (31.9%) Flawless Management stake: 6,991,255 shares (15.7%) Arethusa Properties stake: 3,307,452 shares (7.4%) +5 more

8 metrics

Vafias beneficial ownership 14,266,903 shares (31.9%) Imperial Petroleum common stock as reported in Amendment No. 11

Flawless Management stake 6,991,255 shares (15.7%) Imperial Petroleum common stock beneficially owned

Arethusa Properties stake 3,307,452 shares (7.4%) Imperial Petroleum common stock beneficially owned

Arethusa recent purchases $1,039,977.71 Cost (including commissions) for 241,225 shares bought in open market

Restricted stock grant 440,000 shares Restricted common stock to Harry N. Vafias, vesting 2027 and 2028

New option award size 299,000 shares at $4.95 Options granted to Vafias, expiring June 22, 2036

Previously vested options 50,000 at $3.60; 117,188 at $3.20 Options to acquire Imperial Petroleum shares that have vested

Options vesting within 60 days 149,502 shares at $3.01 Scheduled to vest on August 8, 2026 for Vafias

Key Terms

Schedule 13D, beneficially owned, restricted common stock, pre-funded warrants, +2 more

6 terms

Schedule 13D regulatory

"This Amendment No. 11 to (originally filed on August 4, 2023...)"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owned financial

"This Amendment No. 11 is being filed... to update number of shares of Common Stock... beneficially owned by the Reporting Persons"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

restricted common stock financial

"440,000 shares of restricted common stock, 50% of which vest on June 22, 2027"

Restricted common stock is company shares that carry limits on selling or transferring for a set period or until certain conditions are met, like time-based vesting or regulatory clearance. Think of them as shares in a locked box that gradually open; they can become freely tradable later but initially reduce the number of shares available on the market. Investors watch restricted stock because its eventual release can change a company’s share supply, affect stock price, and influence control and dilution.

pre-funded warrants financial

"shares issued upon the exercise of pre-funded warrants increasing the number of shares of Common Stock outstanding"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

Joint Filing Agreement regulatory

"pursuant to a Joint Filing Agreement (attached as Exhibit 99.2 and incorporated herein by reference)"

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 06/24/2026 - 06:38 PM Accepted by SEC EDGAR 06/24/2026 - 06:37 PM Learn about SEC filing dates

FAQ

How much of Imperial Petroleum (IMPP) does Harry N. Vafias now beneficially own?

Harry N. Vafias is reported as beneficially owning 14,266,903 shares, or 31.9% of Imperial Petroleum’s common stock. This figure includes shares he holds directly and shares attributed through affiliated entities under Schedule 13D reporting rules.

What are Flawless Management Inc.’s holdings in Imperial Petroleum (IMPP)?

Flawless Management Inc. is reported as beneficially owning 6,991,255 shares of Imperial Petroleum common stock, representing 15.7% of the class. These shares are shown with shared voting and shared dispositive power, indicating coordinated control over this position.

How many Imperial Petroleum (IMPP) shares does Arethusa Properties LTD own?

Arethusa Properties LTD is reported as beneficially owning 3,307,452 Imperial Petroleum common shares, or 7.4% of the class. Between December 11 and 12, 2025 it acquired 241,225 shares in open‑market purchases using working capital for $1,039,977.71 including commissions.

What new equity awards did Harry N. Vafias receive from Imperial Petroleum (IMPP)?

On June 22, 2026 Harry N. Vafias received 440,000 restricted common shares, vesting 50% on June 22, 2027 and 50% on June 22, 2028. He also received options on 299,000 shares at $4.95 per share, expiring June 22, 2036, subject to time‑based vesting.

How did Arethusa’s recent purchases affect Imperial Petroleum (IMPP) ownership reporting?

Arethusa’s open‑market purchases of 241,225 shares for $1,039,977.71 increased its beneficial holdings to 3,307,452 shares, or 7.4% of Imperial Petroleum’s common stock. Amendment No. 11 updates the reported ownership percentages to reflect these trades and changes in shares outstanding.

What is the purpose of the Reporting Persons’ investment in Imperial Petroleum (IMPP)?

The reporting group states it acquired Imperial Petroleum securities for investment purposes and will review the position on an ongoing basis. They may buy more, hold, or sell shares through open‑market trades, offerings, or private transactions depending on market, company, and tax considerations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Imperial Petroleum Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

Y3894J187

(CUSIP Number)

Harry N. Vafias
c/o Imperial Petroleum Inc., 331 Kifissias Avenue, Erithrea
Athens, J3, 14561
011 30210 625 0001

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/22/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): Y3894J187

1

Name of reporting person

Flawless Management Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MARSHALL ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,991,255.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,991,255.00

11

Aggregate amount beneficially owned by each reporting person

6,991,255.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

15.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): Y3894J187

1

Name of reporting person

Arethusa Properties LTD

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,307,452.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,307,452.00

11

Aggregate amount beneficially owned by each reporting person

3,307,452.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): Y3894J187

1

Name of reporting person

Harry N. Vafias

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GREECE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,968,196.00
8	Shared Voting Power 10,298,707.00
9	Sole Dispositive Power 3,968,196.00
10	Shared Dispositive Power 10,298,707.00

11

Aggregate amount beneficially owned by each reporting person

14,266,903.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

31.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Imperial Petroleum Inc.
(c)	Address of Issuer's Principal Executive Offices: 331 Kifissias Avenue, Erithrea, Athens, GREECE , 14561.
Item 1 Comment: This Amendment No. 11 (this "Amendment No. 11") to Schedule 13D (originally filed on August 4, 2023 and amended by Amendment No. 1 filed on August 23, 2023, Amendment No. 2 filed on November 3, 2023, Amendment No. 3 filed on December 11, 2023, Amendment No. 4 filed on December 22, 2023, Amendment No. 5 filed on January 8, 2024, Amendment No. 6 filed on April 16, 2024, Amendment No. 7 filed on October 29, 2024, Amendment No. 8 filed on April 4, 2025, Amendment No. 9 filed on August 12, 2025 and Amendment No. 10 filed on December 3, 2025), relates to the common stock, par value $0.01 per share ("Common Stock"), of Imperial Petroleum Inc., a Marshall Islands corporation (the "Issuer"), and is being filed pursuant to a Joint Filing Agreement (attached as Exhibit 99.2 and incorporated herein by reference) by and between Flawless Management Inc., a Republic of the Marshall Islands corporation ("Flawless"), Arethusa Properties LTD, a British Virgin Islands company ("Arethusa"), and Harry N. Vafias in his personal capacity (sometimes collectively referred to as the "Reporting Persons"). Information given in response to each item below shall be deemed incorporated by reference in all other items below. Unless indicated otherwise, all items left blank remain unchanged, and any items which are amended below are deemed to amend and update the existing items in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Statement is hereby amended by adding the following paragraphs to the end of Item 3: This Amendment No. 11 is being filed by the Reporting Persons to update number of shares of Common Stock of the Issuer beneficially owned by the Reporting Persons to reflect (1) that between December 11, 2025 and December 12, 2025, Arethusa acquired an aggregate of 241,225 shares of Common Stock for $1,039,977.71 (including commissions) in open market purchases using its working capital, (2) 33,627 shares of Common Stock transferred by Mr. Vafias's father, Nikolaos Vafias, to Mr. Vafias without consideration on June 22, 2026 and (3) 440,000 shares of restricted common stock, 50% of which vest on June 22, 2027 and 50% of which vest on June 22, 2028, subject to satisfaction of time-based vesting, acquired by Harry Vafias as compensatory awards on June 22, 2026. On June 22, 2026, Mr. Vafias also acquired, as compensatory awards, options exercisable to acquire 299,000 shares of Common Stock at an exercise price per share of $4.95, the closing price of the Common Stock on June 22, 2026, and an option expiration date of June 22, 2036, 50% of which options vest on June 22, 2027 and 50% of which options vest on June 22, 2028, subject to satisfaction of the time-based vesting terms, which underlying shares are excluded from the number of shares beneficially owned by Mr. Vafias. This Amendment No. 11 also updates the number of shares of Common Stock beneficially owned by Mr. Vafias to reflect that previously awarded stock options to acquire 50,000 shares of Common Stock at a price of $3.60 per share and 117,188 shares of Common Stock at a price of $3.20 per share have vested and previously awarded stock options to acquire 149,502 shares of Common Stock at a price of $3.01 per share are scheduled to vest within 60 days of the date of this report, on August 8, 2026. This Amendment No. 11 also updates the percentage of shares of Common Stock of the Issuer beneficially owned by the Reporting Persons to reflect shares of Common Stock repurchased by the Issuer reducing the total number of shares of Common Stock outstanding and shares issued upon the exercise of pre-funded warrants increasing the number of shares of Common Stock outstanding.
Item 4.	Purpose of Transaction
	The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investment in the Issuer on a continuing basis. Any Reporting Person may from time to time acquire additional securities of the Issuer, or retain or sell all or a portion of the shares then held by the Reporting Persons, in the open market, block trades, underwritten public offerings or privately negotiated transactions. Any actions any Reporting Person might undertake with respect to its investment in the Issuer may be made at any time and from time to time and will be dependent upon such Reporting Person's review of numerous factors, including, but not limited to: ongoing evaluation of the Issuer's business, financial condition, operations, prospects and strategic alternatives; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; tax considerations; liquidity of the Issuer's securities; and other factors and future developments. Mr. Vafias serves as the Chairman and Chief Executive Officer of the Issuer and therefore regularly engages in discussions with management of the Issuer, the board of directors of the Issuer, other shareholders of the Issuer and other relevant parties, which discussions may include matters ranging from the operations and conduct of the Issuer's business to considering or exploring extraordinary corporate transactions including the events listed in Items 4(a) through 4(j) of Schedule 13D. In connection with these discussions, the Reporting Persons may, either directly or through one or more affiliates, determine to take any available course of action or to take no course of action and may at any time and from time to time take steps to further or implement such course of action, including any of the events listed in Items 4(a) through 4(j) of Schedule 13D. Any action or actions the Reporting Persons may undertake with respect to their investment in the Issuer or the operations and conduct of the Issuer's business will be dependent upon the Reporting Persons' review of numerous factors, including those listed above, and the Reporting Persons specifically reserve the right to change their intentions, or to formulate plans and proposals, with respect to any or all of the matters described in this paragraph, subject to applicable law and regulations.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 11 and 13 on the cover pages to this Amendment No. 8 for the aggregate number and percentage of the class of Common Stock owned by each Reporting Person.
(b)	Number of shares as to which each Reporting Person has: i. Sole power to vote or to direct the vote: See Item 7 on cover pages to this Statement. ii. Shared power to vote or to direct the vote: See Item 8 on cover pages to this Statement. iii. Sole power to dispose or direct the disposition: See Item 9 on cover pages to this Statement. iv. Shared power to dispose or direct the disposition: See Item 10 on cover pages to this Statement.
(c)	Except as set forth in Itme 3 of this Schedule, none of the Reporting Persons has engaged in any transaction in any Common Stock during the past 60 days.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock beneficially owned by the Reporting Persons.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: Exhibit 99.1: Joint Filing Agreement, dated June 24, 2026, among Flawless Management Inc., Arethusa Properties LTD and Harry N. Vafias.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Flawless Management Inc.

Signature:	/s/ Harry N. Vafias
Name/Title:	Harry N. Vafias/President
Date:	06/24/2026

Arethusa Properties LTD

Signature:	/s/ Harry N. Vafias
Name/Title:	Harry N. Vafias/President
Date:	06/24/2026

Harry N. Vafias

Signature:	/s/ Harry N. Vafias
Name/Title:	Harry N. Vafias
Date:	06/24/2026