Business
STEALTHGAS INC. Announces Completion of Spin-Off of Imperial Petroleum Inc.
ATHENS, Greece, Dec. 06, 2021 (GLOBE NEWSWIRE) -- StealthGas Inc. (Nasdaq: GASS) (the “Company”), a ship-owning company serving the liquefied petroleum gas
About this update from Stealthgas, Inc.
[{"type":"text","content":"ATHENS, Greece, Dec. 06, 2021 (GLOBE NEWSWIRE) -- StealthGas Inc. (Nasdaq: GASS) (the “Company”), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, today announced that it has completed the spin-off of its wholly-owned subsidiary, Imperial Petroleum Inc., the holding company for four tanker vessels, effective December 3, 2021. StealthGas stockholders received (1) one share of Imperial Petroleum common stock, par value $0.01 per share (“Imperial Petroleum Common Shares”), and (2) one share of Imperial Petroleum 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share (“Imperial Petroleum Series A Preferred Shares”), for every eight shares and forty-eight shares, respectively, of StealthGas common stock owned at the close of business on the record date of November 23, 2021. To the extent the distribution would have resulted in any shareholder owning a fractional Imperial Petroleum Common Share or Series A Preferred Share, such fractional shares will be aggregated by the distribution agent into whole shares, sold in the open market at prevailing rates and the net cash proceeds from the sales distributed pro rata to each holder who would otherwise have been entitled to receive fractional Imperial Petroleum Common Shares or Series A Preferred Shares, as applicable, in the distribution. 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. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and become effective. A prospectus may be obtained from the Company. ABOUT STEALTHGAS INC. StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 45 LPG carriers, including seven Joint Venture vessels on the water and one Joint Venture 40,000 cbm newbuilding Medium Gas Carrier on order to be delivered mid-2023. These LPG vessels have a total capacity of 437,973 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global S...