Exhibit 99.1
IMPERIAL PETROLEUM INC. ANNOUNCES CONVERSION OF OUTSTANDING SERIES C CONVERTIBLE PREFERRED STOCK
Athens, Greece, December 22, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum
products, crude oil, and drybulk seaborne transportation services, today announced that all 13,875 shares of its Series C Cumulative Convertible Perpetual Preferred Stock, (the “Series C Convertible Preferred Stock”), have been converted
by the holder, Flawless Management Inc., into 6,932,043 shares of the Company’s Common Stock.
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 nine vessels: five M.R. product tankers, two suezmax tankers and two handysize dry bulk carriers with a total capacity of 628,000 deadweight tons (dwt) and has agreed to acquire two additional tankers, one aframax and one product tanker which
will be delivered up until the end of January 2024. Following these deliveries, the Company will own a fleet of eleven vessels with an aggregate capacity of 791,716 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.
Forward-Looking Statements
Matters discussed in this
release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events
or performance, or impact and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these
assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you
that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our
filings with the SEC and the following: the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply
with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions and the
conflict in Gaza, potential disruption of shipping routes due to accidents and political events or acts by terrorists.