Imperial Petroleum Inc (IMPP)

[Dusty18]

About time Harry put out a PR like TOPS did. $IMPP

http://www.globenewswire.com
Imperial Petroleum Announces Management Estimate of Net Asset Value Per Share- $1.39
March 27, 2023 09:20 ET

ATHENS, Greece, March 27, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the â??Companyâ?), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that at March 27, 2023 the Companyâ??s management, estimates Imperial Petroleum Incâ??s Net Asset Value (â??NAVâ?) to be $338.6 million, which is approximately 717% above its current market capitalization. The NAV which includes total outstanding cash of $142.2 million is increasing daily on account of the record net cashflow contributed by our tankers.

This translates into a NAV of $1.39 per common share currently outstanding and $1.17 per common share on a fully diluted basis (assuming exercise of all outstanding warrants for cash).

NET ASSET VALUE (â??NAVâ?)

The estimated NAV represents a snapshot in time as of March 27, 2023, will likely change, and does not represent the amount a stockholder would receive now or in the future for his or her shares of the Companyâ??s common stock. This NAV is based on recent charter free vessel values, current debt and cash as of March 27, 2023 which are assumptions and estimates that are susceptible to uncertainty and subject to circumstances and market conditions.

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels; five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers and four Handysize dry bulk carriers two of which will be delivered by end of March 2023. Following these deliveries, the Companyâ??s fleet will have a capacity of 808,000 deadweight tons (dwt). Imperial Petroleum Inc.â??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 â??IMPPâ? and â??IMPPPâ?, respectively.