Imperial Petroleum Inc. announces pricing of approximately $17.0 million registered direct offering

Imperial Petroleum Inc., a ship-owning company providing petroleum products, crude oil, and dry bulk seaborne transportation services, announced today that it has entered into securities purchase agreements with institutional investors to purchase approximately $17.0 million of its units in a registered direct offering at a price of $2.00 per unit. Each unit will consist of one share of common stock (or one pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock and will immediately separate upon issuance The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an initial exercise price of $2.00 per share of common stock.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The offering is expected to close on or about August 15, 2023, subject to the satisfaction of customary closing conditions.

The shares of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants are being offered pursuant to the Company’s shelf registration statement on Form F-3 (File No. 333-268663), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 15, 2022. The offering will be made only by means of a prospectus supplement that forms a part of such registration statement. A prospectus supplement relating to the offering will be filed by Imperial Petroleum Inc. with the SEC. When available, copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 895-3745.