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I find it highly odd that no one is posting on this forum considering the strength of Imperial Petroleum's trend reversal.
Does anyone know of another forum where this company and its stock can be intelligently discussed?
Looks like we've found a base in the $2.50 area to up trend off of.
Hit $2.90 earlier but got some profit taking by short term scalpers.
Looking forward to a breach of $3 on our way to $4 resistance
Yes most of us are still deep underwater and would like to see IMPP run to the $3.50 - $450 level
Sounds good with my avg $4.24 !
(and of course will not add to avg down)...
GLTA
Short of some type of disastrous decision by our CEO to raise Capital which is completely unnecessary due to the cash on hand and the company's statement that they are repurchasing shares themselves, I don't see a reason why this uptrend should reverse to any degree of significance. There will be profit taking along the way and we will have days where we are down 2% - 5% followed by higher volume days of recovery. Looking forward to $2.50 becoming firm support and then hopefully in the new year we breach the $3 and $4 resistance levels
Sorry to hear that you went bankrupt. That's an important decision. I hope you were able to write off enough to warrant the credit hit for the next several years but you will come out of this unscathed in the end. I have not been trading at all. The market just isn't what it used to be like. Just holding out to a bunch of bags myself and focusing on real estate and passive income strategy for the time being. But I'll get back in for trades here and there. Wishing you a merry Christmas
thanks pal....i wishg you the best...i went bk...but life goes on ...living off s/s now :( what a disaster
IMPP had a RS 1:15 way back in April
April 26, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (the “Company”) (Nasdaq: IMPP) today announced that its board of directors has determined to effect a one-for-fifteen (1-for-15) reverse stock split of the Company’s common stock
Chart's looking sexy for a push into the $3-$4 range - IF harry doesn't pull a fast one
https://finviz.com/published_idea.ashx?t=IMPP&f=121923&i=IMPPd001181462i
been awhile....is this 2.45 after a r/s or recovery off lows?
Nice slow trend reversal in progress...on decent volume. All we need now is for the CEO not to do something asinine like another offering or reverse split
$2.45 Looking quite nice today indeed
Looking super nice this morning in the $2.20s
Hopefully next week we churn in the $2.50s
I see this filling the gap up to the high 2’s.
Many chartists' would call this a near-term double top.
Guess we shall see if former resistance becomes support and we get a nice slow reversal of trend up 100% from present levels
Another +10% day. Reversal in progress
Im still here - still long and liking the chart
I posted proof/verification of the trade you dolt
That is a good story
I sold mine over $4 and bought more of this.
I am jumping ship (Pun intended) and taking my money to CISS!
C3is Inc. reports third quarter and nine months 2023 financial and operating results, with net revenues and net income representing increases of 378% and 1,018% respectively from the previous quarter
https://finance.yahoo.com/news/c3is-inc-reports-third-quarter-131500456.html
Great letter. Seems no concern?
Harry needs to take lessons from NAT
This Greek shipping scam you think is an investment.
What are you laughing at douchebag?
Lolololololol.
dirty harry pr another offering?
Like i was saying....
"Every other day...we climb"
Bring on the $2's and $3's
Enjoying life is my business
Minding scams is my business.
wtf are you babbling about?
I own shares here and haven't sold a single one, so...mind ya business
So you finally figured out this is just another Greek scam I see.
After pumping the living dog shit out of it.
how does it stop?
ceo greed never ends....ask elon ...ge bought twitter for how much?
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
It's a letter from an investment manager who bought shares for his fund 6-8 months ago....now he's fighting Harry
*****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
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.
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.
Not many left from the GREAT Old Days. Biden et...All PURPOSLEY Decimited the OTC
harry is a crook...got me for 60k...gfy harry
Excellent letter to this CEO.
What method or numerous methods did you use to send it to him?
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.
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.
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
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.
dirty...just plain dirty ---harry is
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ABOUT IMPERIAL PETROLEUM INC.
Our Business Strategy
Our business strategy is focused on providing consistent stockholder returns by timing and structuring acquisitions of vessels and by reliably, safely and efficiently operating our vessels. We continuously evaluate purchase and sale opportunities, as well as employment opportunities for our vessels. Key elements of the above strategy are:
• | Renew and Expand our Fleet. We expect to grow our fleet in a disciplined manner through timely and selective acquisitions of quality vessels. We perform in-depth technical and condition assessment review of each potential acquisition and only purchase vessels as market opportunities present themselves. We focus on purchasing secondhand vessels, newbuildings or newbuilding resales based on the evaluation of each investment option at the time it is made. |
• | Optimize Charter Mix. In the current product tanker and crude oil tanker charter market, we are mainly focusing on short to medium term charters, including time and bareboat charters, of one or two years. As the charter market changes and we grow our fleet, we may continue to adjust our chartering strategy to include longer duration term charters or a higher percentage of spot market charters. We seek to |
ATHENS, Greece, May 27, 2022 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (NASDAQ:IMPP) (the "Company") announced today that it has entered into an agreement to acquire two suezmax tankers, built at Hyundai Samho in 2007 and at Samsung Heavy Industries in 2008, with an aggregate capacity of approximately 320,000 dwt, from an unaffiliated third party for an aggregate purchase price of $46.8 million, with delivery expected by mid- June 2022. The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt. This transaction is indicative of the Company's substantial financial resources to consummate new vessel acquisitions due to its high level of available cash raised from its recently completed public offerings. This agreement is consistent with the company's plan to continue its fleet expansion.
ABOUT IMPERIAL PETROLEUM INC.
Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services. The Company owns four M.R. product tankers and one Aframax oil tanker with a total capacity of 305,804 deadweight tons (dwt) and has agreed to acquire one additional product tanker and two suezmax tankers with expected delivery by mid-June 2022. Following these deliveries Imperial Petroleum will own a total of eight tankers with an aggregate capacity of approximately 682,000 dwt. Imperial Petroleum Inc.'s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols "IMPP" and "IMPPP", respectively.
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charter our vessels to high quality charterers as we have done in the past such as national and independent oil companies, energy traders and industrial companies. |
• | Operate a High Quality Fleet. Our primary focus is the operation of medium and large-sized product tankers and crude oil tankers, and as we grow our fleet in the future potentially add vessels in other seaborne transportation sectors that we assess as exhibiting favorable market conditions. We believe that owning a high quality fleet reduces operating costs, improves safety and provides us with a competitive advantage in securing favorable charters. We limit our acquisition of vessels to those that meet rigorous industry standards and that are capable of meeting the stringent certification requirements of major oil companies. We maintain the quality of our vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel. |
• | Maintain Financial Flexibility. We intend to use bank debt to partially fund our further vessel acquisitions and which we hope will increase financial returns for our stockholders. We intend to manage our balance sheet to maintain an adequate level of liquidity and actively assess the level and maturity profile of debt we incur in light of the level of cash flow generated from our chartering strategy and our efficient operating cost structure. We have moderate leverage which we believe will well position us to obtain additional financing and grow our fleet by pursuing selective acquisitions. |
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