Imperial Petroleum preferred shares to be distributed to StealthGas stockholders

Chicago, Nov. 24 – Imperial Petroleum Inc. announced that all 795,878 of its 8.75% series A cumulative redeemable perpetual preferred stock will be distributed with its outstanding common shares on a pro rata basis to common stockholders of StealthGas Inc., according to a 424B1 filing with the Securities and Exchange Commission.

Imperial is currently a wholly owned subsidiary of StealthGas.

StealthGas stockholders will receive one share of Imperial common stock for every eight shares they held and one share of preferred stock for every 48 shares they held at the close of business on Nov. 23.

The distribution will be made on Dec. 3.

Fractional shares will not be distributed.

A distribution agent will aggregate fractional shares into whole shares and sell them on the open market at prevailing rates and then will distribute the net cash proceeds from the sales pro rata to each holder who would have been entitled to a fractional share.

The series A preferreds will be listed on the Nasdaq Capital Market under the symbol “IMPPP.”

This is the first public distribution of the company’s stock, whether common or preferred.

The value of the preferred shares will be determined by their trading price after the spin-off distribution.

After the distribution, StealthGas and Imperial Petroleum will be separately publicly traded companies.

Imperial Petroleum was formed by StealthGas on May 14 under the laws of the Republic of the Marshall Islands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.