The Board of StealthGas Inc. (NasdaqGS:GASS) announced the spin-off of Imperial Petroleum Inc. to its shareholders on November 5, 2021. Under the terms, StealthGas stockholders will receive one Imperial Petroleum common share and one Imperial Petroleum 8.75% Series A Cumulative Redeemable Perpetual Preferred Shares for every eight shares and forty-eight shares. Transaction is subject to the registration statement on Form F-1 being declared effective by the Securities and Exchange Commission, the approval of the listing of Imperial Petroleum Inc.'s common shares and Series A Preferred Shares on the Nasdaq Capital Market, the refinancing of the debt collateralized by the tankers being contributed by StealthGas pursuant to a new senior secured term loan for which Imperial Petroleum Inc. has entered into a commitment letter and final approval by the StealthGas' board of directors. Record date is set to November 23, 2021. The transaction is expected to be completed in or around the beginning of December 2021. As of November 12, 2021, transaction is expected to close on December 3, 2021.

The Board of StealthGas Inc. (NasdaqGS:GASS) completed the spin-off of Imperial Petroleum Inc. to its shareholders on December 3, 2021. Imperial Petroleum Inc.'s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock will commence trading on Monday, December 6, 2021 on the Nasdaq Capital Market under the ticker symbols “IMPP” and “IMPPP”, respectively.