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Imperial Petroleum | SC 13D/A: Statement of acquisition of beneficial ownership by individuals (Amendment)-Imperial Petroleum Inc.(74.8%)

SEC announcement · Mar 20 16:09

IMPP -2.85%

Summary by Moomoo AI

Imperial Petroleum Inc. filed an Amendment No. 2 to Schedule 13D with the SEC, reporting a significant increase in its ownership stake in C3is Inc. As of March 19, 2024, Imperial Petroleum beneficially owns 462,820,117 shares of C3is Inc., representing 74.8% of the company, a change attributed to adjustments in the conversion price of Series A Convertible Preferred Stock and the exercise of pre-funded warrants. The conversion price was adjusted following a registered public offering by C3is Inc. on March 19, 2024. Harry N. Vafias, CEO of Imperial Petroleum, also serves as the Non-Executive Chairman of C3is Inc. and personally owns 871,889 shares. Directors John Kostoyannis and George Xiradakis of Imperial Petroleum hold positions on the C3is Inc. board, with shareholdings of 12 and nil, respectively. The filing indicates that Imperial Petroleum may continue to adjust its holdings in C3is Inc. through various transactions, depending on a range of factors including market conditions and the company's performance. The filing also includes lockup agreements related to the March 2024 Offering.

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This announcement is a separate document:

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