Imperial Petroleum announces $10 million share repurchase program and agreement to acquire two vessels
07 Septiembre 2023 - 8:15AM
IMPERIAL PETROLEUM INC. (Nasdaq: IMPP) (the “Company”) today
announced that its Board of Directors has approved a share
repurchase program and authorized the officers of the Company to
repurchase, from time to time, up to $10,000,000 of the Company's
common stock. Shares may be purchased in open market or privately
negotiated transactions, at times and prices that are considered to
be appropriate by the Company, and the program may be suspended or
discontinued at any time.
The Company also announced that it has entered
into an agreement to acquire two tanker vessels, the aframax tanker
Stealth Haralambos, built in 2009 and the product tanker Aquadisiac
built in 2008, with an aggregate capacity of approximately 163,716
dwt. The aggregate purchase price for these acquisitions is $71
million. Both vessels will be delivered on a charter-free basis by
the end of January 2024. The Company expects to finance the
purchase price with cash-on-hand. The transaction with affiliates
of the Vafias family, was approved by the Company’s audit committee
comprised of independent directors.
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 nine vessels:
five M.R. product tankers, two suezmax tankers and two handysize
dry bulk carriers with a total capacity of 628,000 deadweight tons
(dwt) and has agreed to acquire two additional tankers, one aframax
and one product tanker which will be delivered up until the end of
January 2024. Following these deliveries, the Company will own a
fleet of eleven vessels with an aggregate capacity of 791,716 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, 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
ability to consummate the acquisition of the contracted vessels and
operate them profitably, the impact of any lingering 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,
performance of counterparty to our vessel sale agreement, or
actions taken by regulatory authorities, potential liability from
pending or future litigation, domestic and international political
conditions, the conflict in Ukraine and related sanctions,
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.info@ImperialPetro.com
Imperial Petroleum (NASDAQ:IMPPP)
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