Summary by Moomoo AI
Imperial Petroleum Inc. has filed an Amendment No. 3 to Schedule 13D with the SEC, detailing changes in its beneficial ownership of C3is Inc. common stock. The amendment, dated April 30, 2024, reflects adjustments in the conversion price of Series A Convertible Preferred Stock and the exercise of outstanding warrants, resulting in Imperial Petroleum owning 11,930,326 shares, or 67.2% of C3is Inc. This ownership percentage accounts for the 1-for-100 reverse stock split conducted by C3is Inc. on April 11, 2024. Harry N. Vafias, CEO of Imperial Petroleum, also serves as the Non-Executive Chairman of C3is Inc. and personally owns 8,718 shares. Directors John Kostoyannis and George Xiradakis of Imperial Petroleum, who also serve as directors of C3is Inc., do not own any shares. The filing indicates that Imperial Petroleum may continue to adjust its holdings in C3is Inc. through various market transactions based on a range of factors including the company's performance and market conditions.