StealthGas Inc. announces record date for distribution of Imperial Petroleum Inc. shares

Nov 18 2021

StealthGas Inc. (the “Company”), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced that the record date for the spin-off distribution of common shares and 8.75% Series A Cumulative Redeemable Perpetual Preferred Shares (“Series A Preferred Shares”) of Imperial Petroleum Inc., the newly formed subsidiary that will act as the holding company for its four tanker vessels, is November 23, 2021.

StealthGas stockholders will receive one Imperial Petroleum common share and one Imperial Petroleum Series A Preferred Share for every eight shares and forty-eight shares, respectively, of StealthGas common stock owned at the close of business on November 23, 2021 (the “Record Date”). The distribution is expected to be made on or about December 3, 2021 (the “Distribution Date”). Fractional common shares and fractional Series A Preferred Shares will not be distributed. Instead, the distribution agent will aggregate fractional common shares and fractional Series A Preferred Shares, respectively, into whole shares, sell such whole shares in the open market at prevailing rates promptly after our common shares and Series A Preferred Shares, respectively, commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional common shares or fractional Series A Preferred Shares, as applicable, in the distribution. Shares of StealthGas Inc. common stock will trade with due bills from the Record Date through and including the Distribution Date. Accordingly, shareholders of StealthGas Inc. as of the Record Date must continuously hold such shares of StealthGas Inc. common stock through and including the Distribution Date in order to receive shares of Imperial Petroleum Inc. in the spin-off.


The spin-off transaction is expected to be completed on or around December 3, 2021, and remains subject to Imperial Petroleum Inc.’s registration statement on Form F-1 being declared effective by the Securities and Exchange Commission and the approval of the listing of Imperial Petroleum Inc.’s common shares and Series A Preferred Shares on the Nasdaq Capital Market.


This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to consummation of the spin-off transaction. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to acquire be accepted prior to the time the registration statement becomes effect. When available, a prospectus may be obtained from the Company.



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