Business
Imperial Petroleum Inc. Announces Proposed Spin-Off of Two of Its Drybulk Carriers
ATHENS, Greece, April 13, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products,
About this update from Imperial Petroleum Inc.
[{"type":"text","content":"ATHENS, Greece, April 13, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, today announced that, through a wholly-owned subsidiary, it has filed a registration statement on Form F-1 pursuant to the Securities Act of 1933 to effect a spin-off of two of its drybulk carriers. C3is Inc., the newly formed subsidiary that will act as the holding company for the two drybulk carriers, has applied to have its common stock listed on the Nasdaq Capital Market. In connection with the spin-off transaction, the Company will contribute two vessel-owning subsidiaries to C3is Inc., and will distribute all of the common shares of C3is Inc. to the Company’s common shareholders and holders of warrants to purchase the Company’s common shares as required by their terms. The transaction is expected to be completed in the second quarter of 2023, and remains subject to the registration statement on Form F-1 being declared effective by the Securities and Exchange Commission, the approval of the listing of C3is Inc.’s common stock on the Nasdaq Capital Market, and final approval by the Company’s board of directors. There can be no assurance that the transaction will occur or, if one does occur, of its terms or timing. The board of directors of the Company believes that the creation of a “pure play” drybulk shipping company will provide significant benefits to both companies and their shareholders. The transaction will enable C3is Inc. to initially focus on the drybulk sector, while Imperial Petroleum Inc. gradually focuses on the tanker sector. Each company will independently attract new investors and provide shareholders the flexibility to adjust their holdings according to the sectors in which they want to invest. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to consummation of the spin-off transaction. A registration statement relating to the common shares of C3is Inc. has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be...