ATHENS, Greece, February 17, 2023 (GLOBE NEWSWIRE) — Imperial Petroleum Inc. IMPP (the “Company”) announced today that it has entered into agreements to acquire two handysize dry bulk carriers, built in 2012 at Nakai Zosen and 2013 at Shin Kurushima Onishi in Japan, with a total capacity of approximately 71,000 dwt from affiliated companies with our Chief Executive Officer for cash consideration totaling $25.5 million and 13,875 cumulative convertible perpetual Series C Preferred Stock (the “Series C Convertible Preferred Stock”). Delivery of the vessels on a charter-free basis and completion of the transactions are expected by the end of March 2023.

The Series C Convertible Preferred Stock will have a dividend rate of 5.00% per annum per $1,000 of liquidation preference per share, payable in cash or in additional shares of the Series C Convertible Preferred Stock at the Company’s option and convertible at the holder’s option . following the six month anniversary of issuance into shares of the Company’s common stock at a conversion price equal to the lower of $0.50 and the ten day volume weighted average price of the common stock. The transaction was approved by a committee composed of independent directors who received a fairness opinion from an independent financial advisor in connection with the issuance of the Series C convertible preferred stock as part of the transaction.

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a shipping company providing petroleum products, crude oil and bulk cargo transportation by sea. The company owns a total of twelve ships; five MR product tankers, one Aframax oil tanker, two Suezmax tankers and four handysize bulk carriers, two of which will be delivered by the end of March 2023. After these deliveries, the company’s fleet will have a capacity of 808,000 deadweight tons (dwt). Imperial Petroleum Inc. common stock and 8.75% Series A Cumulative Redeemable Perpetual…