StealthGas Announces Completion of Spin-Off of Imperial Petroleum


StealthGas, a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced that it has completed the spin-off of its wholly-owned subsidiary, Imperial Petroleum Inc., the holding company for four tanker vessels, effective December 3, 2021.

StealthGas stockholders received (1) one share of Imperial Petroleum common stock, par value $0.01 per share (“Imperial Petroleum Common Shares”), and (2) one share of Imperial Petroleum 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share (“Imperial Petroleum Series A Preferred Shares”), for every eight shares and forty-eight shares, respectively, of StealthGas common stock owned at the close of business on the record date of November 23, 2021. To the extent the distribution would have resulted in any shareholder owning a fractional Imperial Petroleum Common Share or Series A Preferred Share, such fractional shares will be aggregated by the distribution agent into whole shares, sold in the open market at prevailing rates and the net cash proceeds from the sales distributed pro rata to each holder who would otherwise have been entitled to receive fractional Imperial Petroleum Common Shares or Series A Preferred Shares, as applicable, in the distribution.