[SILVERSURFER4263]

how does it stop?
ceo greed never ends....ask elon ...ge bought twitter for how much?

[Gator44]

I second

[Smilin_B]

Well it was written extremely on point however Harry is the type of CEO that will simply agree to disagree and move on with the continued fleecing of his own investors

Until one day

That stops

[oil export]

It's a letter from an investment manager who bought shares for his fund 6-8 months ago....now he's fighting Harry

[1vman]

*****Looks like IMPP could be heading back under a buck meaning another REVERSE SPLIT !!!

Glad I pocketed da divy money and was not stupid enough enough to buy more of this scam / rip off company

OUCH JUST OUCH

ENOUGH SAID

[trendzone]

The pain you all feel is the usual outcome when investing in these kind of company's over there in that country,just about everyone of them operates like a ponzi scheme, dilution,offerings, toxic notes,all for them to keep their rusting hulks from sinking at the docks,and finance themselves,and nothing else,I haven't touched one of these gyro transporters in many years,because just like now, back then it was always the same BS from these kind of people and company's,was always a losing investment,that very few times made any kind of profit, my people still invest in these scams, is unbelievable,I thought everyone would no that by now.

[trendzone]

They gave the brokers the amo to do just that, because most of them hate making a market for them,and having to deal with all the BS related to them,like the many complaints they would receive from online clients who would get hosed trading them, 8 out of ten times, with so many of them just toxic scams,run by criminals 75% of the time,they want to shut down as many as possible now and the future.

[X_Marks_The_Stock]

Not many left from the GREAT Old Days. Biden et...All PURPOSLEY Decimited the OTC

[SILVERSURFER4263]

harry is a crook...got me for 60k...gfy harry

[Smilin_B]

Excellent letter to this CEO.

What method or numerous methods did you use to send it to him?

[oil export]

Harry Vafias, Chairman and Chief Executive Officer

Imperial Petroleum, Inc.

331 Kifissias Avenue

Erithrea 14561
Athens, Greece
Dear Mr. Vafias:
As you know, Galloway Capital Partners, LLC (“GCP”) together with our affiliates recently sent you a letter and filed a 13D with the U.S. Securities & Exchange Commission. Since this filing I have received a number of inquiries from shareholders who are equally dismayed at the recent actions taken by Imperial Petroleum, Inc. (the “Company”) and the breach of fiduciary duty of its Board of Directors.
We are stunned at the recent announcement that the Company has approved a Share Repurchase Program and the acquisition of two additional vessels from affiliates of the CEO. The press release states in pertinent:
“ATHENS, Greece, Sept. 07, 2023 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (Nasdaq: IMPP) (the “Company”) today announced that its Board of Directors has approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Company's common stock. Shares may be purchased in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time.The Company also announced that it has entered into an agreement to acquire two tanker vessels, the aframax tanker Stealth Haralambos, built in 2009 and the product tanker Aquadisiac built in 2008, with an aggregate capacity of approximately 163,716 dwt. The aggregate purchase price for these acquisitions is $71 million. Both vessels will be delivered on a charter-free basis by the end of January 2024. The Company expects to finance the purchase price with cash-on-hand. The transaction with affiliates of the Vafias family, was approved by the Company’s audit committee comprised of independent directors.”
The announced re-purchase of $10 million of stock from time-to-time is not sufficient. The Company should immediately tender for the 8.5 million shares it recently sold at $2, as well as the warrants.
Secondly, engaging in additional transactions with affiliates of the CEO reeks of self-dealing at the expense of the shareholders. In our opinion as well as that of the numerous shareholders who have contacted me and my attorney, these transactions, the decline in the share price due to the actions taken by the Board are being pursued to enrich you, your family and your affiliates at the expense of shareholders and investors.The Company has offered no explanation as to why they closed a hyper-dilutive financing which was below the share price at the time of the Offering, at a significant discount to the Company’s asset value and all this when the Company had $100 million in cash and no debt. This transaction has significantly damaged shareholders who have endured a decline in share price by 99%.
Said it simple terms, you and your affiliates are personally benefitting from the decline in share price as a means to acquire a greater ownership of the Company. This is done to the detriment of all the shareholders of the Company.
In addition, we would like to recommend two candidates to be selected by us to be appointed to the Company’s Board of Directors. These individuals will have strong public board and capital markets experience and will actively assist in working with the Board and its advisors to create shareholder value.
I have attempted to reach you on several occasions without any success or even the courtesy of a response. It’s imperative that we speak as soon as possible to discuss a strategy to revitalize the share price and increase shareholder value.
We continue to remind you that the Board of Directors and management have a fiduciary duty to all shareholders and obligation to restore and rebuild shareholder value. We urge you to act in a manner consistent with your fiduciary responsibilities to all of the Company’s shareholders.

[tigerpac]

From Seeking Alpha writer Henrik Alex:

Last week, Imperial Petroleum surprisingly announced a $10 million share repurchase program despite having just closed on another heavily dilutive capital raise.

IMPERIAL PETROLEUM INC. (...) today announced that its Board of Directors has approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Company's common stock. Shares may be purchased in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time.

Apparently, there's not much sense in returning recently raised funds to investors, particularly not when considering management's stated goal of increasing the fleet to sixteen vessels within the next three to six months.

At least in my opinion, the share repurchase program was announced to sugarcoat another ugly related-party deal (emphasis added by author):

The Company also announced that it has entered into an agreement to acquire two tanker vessels, the aframax tanker Stealth Haralambos, built in 2009 and the product tanker Aquadisiac built in 2008, with an aggregate capacity of approximately 163,716 dwt.

The aggregate purchase price for these acquisitions is $71 million. Both vessels will be delivered on a charter-free basis by the end of January 2024.

The Company expects to finance the purchase price with cash-on-hand. The transaction with affiliates of the Vafias family, was approved by the Company's audit committee comprised of independent directors.

Quite frankly, I have no idea why the company's independent directors approved a transaction that resulted in Imperial Petroleum overpaying by almost $10 million as VesselsValue states the combined market value of the vessels at just $61.2 million.

Moreover, the acquisition of the Aframax tanker Stealth Haralambos makes the recent sale of the very similar Stealth Berana to spin-off C3is (CISS) look even more odd.

However, with the family of CEO Harry Vafias controlling the company's vessel management company, Stealth Maritime, and the management agreement providing for a 1% fee "of the contract price of any vessel bought or sold by them on our behalf", selling vessels from Stealth Maritime to Imperial Petroleum and further to C3is apparently generates a decent amount of fees for the Vafias family.

In case of the Stealth Berana, the newbuilding contract was acquired by StealthGas (GASS) from a Vafias family-controlled entity in 2010 for $56.5 million. The vessel was part of the Imperial Petroleum spin-off in late 2021 before being sold to C3is in July for $43.0 million.

Please note that both StealthGas and C3is have similar management agreements with Stealth Maritime and Brave Maritime respectively, another Vafias family-controlled entity.

As a result, the recent sale of the Stealth Berana from Imperial Petroleum to C3is has resulted in both companies paying the 1% fee to their respective, Vafias-controlled managers.

Please note that there's nothing that would prevent the sale of Stealth Berana back to Imperial Petroleum or any other company also managed by Stealth Maritime/Brave Maritime at some point going forward to further maximize fees.

With last week's purchase of Aquadisiac and Stealth Haralambos, Imperial Petroleum's fleet will increase from nine to eleven vessels, so still ways to go until management's near-term fleet expansion target will be reached.

With the Vafias family selling the vessels to Imperial Petroleum at a large premium to market value, overall net asset value ("NAV") has been reduced by approximately 3%:

Even worse, this most recent related-party dealing resulted in the Vafias family extracting $71 million in cash from the company thus reducing Imperial Petroleum's pro forma cash position from $114.6 million to $43.4 million.

This is actually bad news for holders of Imperial Petroleum's 8.75% Series A Preferred Shares (IMPPP) as their margin of safety has decreased.

Bottom Line

Imperial Petroleum continues to engage in related-party dealings with entities controlled by the family of CEO Harry Vafias to the detriment of shareholders.

Moreover, considering management's aggressive near-term fleet expansion targets, I do not expect Imperial Petroleum to utilize its new $10 million share repurchase program anytime soon if ever. In fact, I would anticipate more dilution sooner rather than later to finance additional vessel purchases.

Given management's course of action, it can hardly be considered a surprise that shares are trading at an approximately 90% discount to net asset value, very similar to other relentless diluters in the Greek shipping space like Castor Maritime (CTRM), Globus Maritime (GLBS), Performance Shipping (PSHG) and OceanPal (OP).

With further dilution much more likely than share repurchases, I am reiterating my "Sell" rating on the common shares.

In addition, with the latest related party dealing resulting in a large cash drain for Imperial Petroleum, I am downgrading the company's 8.75% Series A Preferred Shares to "Hold" from "Buy" due to the decreased margin of safety for preferred shareholders.

[Dusty18]

Come on Harry. You should be slapping that ask! Setup a bid wall, show some enthusiasm. Start pumping of this stock! If the name were changed to an American company we'd be @ $5 bucks right now. People were crying about stock buy backs. Now you got it. ..... and we just sit here. Hmmm? $IMPP

[tigerpac]

What the CEO basically did was short his own stock. Direct offering at $2 then announcing a stock buyback at $1.35 .

Common stockholders, of which he is not, take the dilution bullet. Where the buyback money comes from is anyone’s guess as the inter-company transactions (GASS and CISS) are fast and furious and you can be sure that the CEO’s performance bonus is tied to metrics that only he can attain by doing fancy transactions.

[SILVERSURFER4263]

dirty...just plain dirty ---harry is

[Dusty18]

You see what Harry did? Took the money for Brenna and bought 2 ships with it. Hope Revs are better than before trade. As for the share buy back? Who knows? He should be mashing massive market buys right now. You go Harry! $IMPP

[amc]

This isn't even trading at the current EPS of $5.99...can you say way undervalued?

[amc]

Not smart to short this with it being so undervalued here

[Gator44]

IMPP sucks as an Investment.
Everyone st.ay a.
way, IMPP sucks as investment Harry running it into the ground. Sorry about your loss Silver. Your a good PE
Person and will make it up in the long run. Harry running it into the ground...

[SILVERSURFER4263]

took a 50k loss...great investment :(
damn crook that harry pos.....

[Gator44]

I hope you don't own any of this POS

[SILVERSURFER4263]

1.30 wtfffffffffffffffffffffffffffff
harry you freaking CROOK

[1vman]

*****Looks like IMPP could be heading back under a buck meaning another REVERSE SPLIT !!!

Glad I pocketed da divy money and was not stupid enough enough to buy more of this scam / rip off company

OUCH JUST OUCH

ENOUGH SAID

[Smilin_B]

rubbish

[facts_matter14]

That’s because you don’t do proper DD.
I’m the only one on the Ranch board who has posted proof, unlike all of those other propaganda pushers who’ve never posted a trade or holdings.

Proper DD goes a long way. Try it.

[Smilin_B]

I havent seen you post a successful REAL TIME trade - - ever

[facts_matter14]

I cant wait to see you lose your entire ass here

HAHAHAHAHAHAHAHA

[oil export]

is cheaper to buy Imperial in the market than to convert the preferred shares.

[1vman]

*****Looks like IMPP could be heading back under a buck meaning another REVERSE SPLIT !!!

Glad I pocketed da divy money and was not stupid enough enough to buy more of this scam / rip off company

OUCH JUST OUCH

ENOUGH SAID

[Smilin_B]

And?

[Smilin_B]

Yes in fact I did but more IMPP when I sold all of my free CISS shares over $4/share

And?

[Huggy Bear]

How does all that look now?

"No need for a capital raise"

Well, ya got one. A really deeply discounted one, lol.

[Huggy Bear]

Then you said you bought more of the GIMPP.

[Huggy Bear]

What do you think happened with IMPP?

[Huggy Bear]

You own this?

[1vman]

*****Looks like IMPP could be heading back under a buck meaning another REVERSE SPLIT !!!

Glad I pocketed da divy money and was not stupid enough enough to buy more of this scam / rip off company

OUCH JUST OUCH

ENOUGH SAID

[1hot toddy]

ya they issued so many shares last time that earnings couldnt keep up. then earnings come out and weak because of extra shares. THEN THEY DO IT AGAIN. ISSUE MORE SHARES WHEN THEY HAVE OVER $8 CASH. GLAD SOLD OVER 1.50 AGO.

[SILVERSURFER4263]

till the next offering...harry is a CROOK

[Viewmont]

$IMPP share price should start going up starting tomorrow.
The Offering is expected to close on August 15, 2023, subject to the satisfaction of customary closing conditions. The aggregate gross proceeds to the Company from the Offering, before placement agent fees and estimated expenses payable by the Company, will be $17.0 million

[Huggy Bear]

Never trust a Greek shipping stock. Or anything Athens listed for that matter.

[SILVERSURFER4263]

wowwwwww 1.40s from 4 bux again? what a lying greedy POS harry is

[1vman]

*****I remember hearing bullshit false narrative CEO was done diluting IMPP ?

#WHOOPS
#LMFAO
#ENOUGH SAID

[Gator44]

Boy, didn't see that coming......

[facts_matter14]

Skank alert

[Smilin_B]

Stalker Alert

[1hot toddy]

they came out with weaker earnings then issued more shares again. 2nd time in two months.

did u listen to cc??? it was all gargled. i couldnt understand word. glad sold all around 3$.

[facts_matter14]

A huge POS. A huge POS. A huge POS. A huge POS.

[oil export]

I will not sell at such a price, the share price has reached close to the minimum of the conversion price and Harry wants to convert the preferred shares at the closest price to a dollar and a half. After the conversion he will have ordinary shares and then the dividends will start, buy backs u and the share price will fly up.
BTW, there were many investors who thought that the conversion was already based on the price of $2.73, but there was no conversion! Harry wants the minimum price for the conversion, which means $1.50 and what happened yesterday is because it suits him that the stock goes down until the conversion.

[Smilin_B]

I know you are but what am I I know you are but what am I I know you are but what am I I know you are but what am I?