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Imperial Petroleum | SC 13D/A: Statement of acquisition of beneficial ownership by individuals (Amendment)-Harry N. Vafias(36.8%),Flawless Management Inc.(23.5%), etc.

SEC announcement · Jan 8 00:00

IMPP -2.85%

Summary by Moomoo AI

On January 3, 2024, Imperial Petroleum Inc. experienced a significant event involving the filing of an amended Schedule 13D with the Securities and Exchange Commission. This amendment, known as Amendment No. 5, was filed by three reporting entities: Flawless Management Inc., Arethusa Properties LTD, and Harry N. Vafias, who is the Chairman and CEO of Imperial Petroleum. The amendment disclosed that between January 2 and January 4, 2024, Arethusa Properties LTD acquired 397,305 shares of Imperial Petroleum's common stock, investing over $1.14 million from its working capital. The reporting persons collectively hold a substantial portion of the company's shares, with Flawless Management Inc. owning 23.5%, Arethusa Properties LTD holding 9.0%, and Harry N. Vafias personally owning 36.8%. The transactions were conducted in the open market and were part of an investment strategy, with the reporting persons expressing their intention to continuously review their investment in Imperial Petroleum. The reporting persons also reserve the right to engage in discussions with management, the board of directors, and other shareholders regarding the company's operations and potential corporate transactions.

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