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SC 13D/A: Statement of acquisition of beneficial ownership by individuals (Amendment)-Harry N. Vafias(38.4%),Flawless Management Inc.(23.8%), etc.

SEC announcement · Apr 16 08:50

IMPP -2.85% IMPPP +0.88%

Summary by Moomoo AI

On April 16, 2024, Imperial Petroleum Inc. disclosed an amendment to its Schedule 13D filing with the Securities and Exchange Commission, indicating significant changes in share ownership by key figures and entities. Harry N. Vafias, the company's CEO and Chairman, along with Flawless Management Inc. and Arethusa Properties LTD, collectively referred to as the Reporting Persons, have updated their beneficial ownership in the company's common stock. Vafias personally acquired 280,000 shares of restricted common stock and options to acquire an additional 100,000 shares, with vesting terms extending to 2026. Additionally, he received a transfer of 41,275 shares from his father, Nikolaos Vafias. The amendment reflects the Reporting Persons' ownership percentages based on the total number of outstanding shares, with Vafias holding 38.4%, Flawless Management Inc. at 23.8%, and Arethusa Properties LTD at 9.1%. The filing also outlines the Reporting Persons' intentions to review their investment in Imperial Petroleum on a continuing basis, with the possibility of acquiring more shares or selling their holdings, depending on various market and company factors. The amendment follows a 1-for-15 reverse stock split effected by the company on April 28, 2023.

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