(a Class B Warrant) to purchase one share of common stock at an exercise price of $1.60 per share. We also issued 1,724,998 underwriter warrants to the representative of the
underwriters to purchase up to an aggregate of 1,724,998 shares of Common stock at an exercise price of $2.00 per share. As of March 28, 2023, an aggregate of 31,322,950 Class B Warrants had been exercised for 31,322,950 shares of our
common stock, resulting in gross proceeds to us of $22,081,720. A total of 11,802,000 Class B Warrants, with an exercise of $1.60 per share, remained outstanding as of March 28, 2023.
In May 2022, we completed an underwritten public offering, including the full exercise of the underwriters overallotment option, of
83,636,362 units for $0.55 per unit, each unit consisting of (i) one share of common stock of the Company and (ii) one Class C Warrant to purchase one share of common stock at an exercise price of $0.55 per share. The Company also
issued 2,090,909 warrants to the representative of the underwriters (the May 2022 Representative Purchase Warrants) to purchase up to an aggregate of 2,090,909 share of common stock at an exercise price of $0.6875 per share. As of
March 28, 2023, an aggregate of 5,357,500 Class C Warrants had been exercised for 5,357,500 shares of our common stock, resulting in gross proceeds to us of $2,946,625. A total of 78,278,862 Class C Warrants, with an exercise of $0.55
per share, remained outstanding as of March 28, 2023.
In June 2022, several existing holders of Class B Warrants exercised 31,150,000
outstanding Class B Warrants to purchase an aggregate of 31,150,000 shares of Common Stock for cash, at an exercise price reduced by the Company from $1.60 per share to $0.70 per share, resulting in gross proceeds to us of $21.8 million,
and net proceeds of approximately $20.9 million. The exercising holders also received an aggregate of 31,150,000 Class D Warrants to purchase up to an aggregate of 31,150,000 shares of Common Stock in a private placement pursuant to
Section 4(a)(2) of the Securities Act of 1933, as amended.
Under our
at-the-market (ATM) program with Maxim Group LLC and Virtu Americas LLC, which we entered into in December 2022 and terminated on March 13, 2023, we
sold 50,780,137 shares of common stock for net proceeds of $12.4 million.
On February 14, 2023, we entered into agreements to
acquire two handysize drybulk carriers, built in Japan at Nakai Zosen in 2012 and at Shin Kurushima Onishi in 2013 respectively, with an aggregate capacity of approximately 71,000 dwt, from entities affiliated with our Chief Executive Officer, for
aggregate cash consideration of $25.5 million and 13,875 shares of Series C Cumulative Convertible Perpetual Preferred Stock (the Series C Convertible Preferred Stock). The transactions closed upon delivery to us of the vessels in
March 2023, including the issuance of the Series C Convertible Preferred Stock. The Series C Convertible Preferred Stock has a dividend rate of 5.00% per annum per $1,000 liquidation preference per share, which is payable in cash or additional
shares of Series C Convertible Preferred Stock at the Companys election, and is convertible, at the holders option, after the six-month anniversary of issuance into shares of the
Companys common stock at a conversion price equal to the lower of $0.50 and the ten-day volume weighted average price of the common stock. See Item 10. Additional Information. A.
Share Capital-Description of Series C Convertible Preferred Stock.
Our principal executive offices are located at 331 Kifissias
Avenue, Erithrea 14561 Athens, Greece. Our telephone number from the United States is 011 30 210 625 0001. Our website address is www.imperialpetro.com. The information contained on or linked to from our website is not incorporated herein by
reference.
Our company operates through a number of subsidiaries which directly own the vessels in our fleet. A list of our subsidiaries,
including their respective jurisdiction of incorporation, as of March 28, 2023, all of which are wholly-owned by us other is set forth in Exhibit 8 to this Annual Report on Form 20-F.
B. Business Overview
Our fleet consists
of (1) five MR refined petroleum product tankers that carry refined petroleum products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, (2) one aframax tanker and two suezmax tankers that carry crude
oil and (3) four handysize drybulk carriers that transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers. The total cargo carrying capacity of our
12-vessel fleet is 807,804 dwt. Please see information in the section Our Fleet, below. During 2020, 2021 and 2022, our fleet (owned by StealthGas until December 2, 2021) had a fleet
operational utilization of 95.7%, 90.5% and 84.8%, respectively, and we generated voyage revenues of $20.3 million, $17.4 million and $97.0 million, respectively.
Our business strategy is focused on providing consistent stockholder returns by carefully selecting the timing and the structure of our
investments in vessels and by reliably, safely and competitively operating the vessels we own, through our affiliate, Stealth Maritime.
37