Imperial Petroleum announces proposed spin-off of two dry bulk carriers

C3is Inc., the newly formed subsidiary that will act as the holding company for the two dry bulk carriers, has applied to have its common stock listed on the Nasdaq Capital Market.

In connection with the spin-off transaction, the company will contribute two vessel-owning subsidiaries to C3is Inc., and will distribute all of the common shares of C3is Inc. to the company’s common shareholders and holders of warrants to purchase the company’s common shares as required by their terms. The transaction is expected to be completed in the second quarter of 2023, and remains subject to the registration statement on Form F-1 being declared effective by the Securities and Exchange Commission, the approval of the listing of C3is Inc.’s common stock on the Nasdaq Capital Market, and final approval by the company’s board of directors. There can be no assurance that the transaction will occur or, if one does occur, of its terms or timing.

The board of directors of the company believes that the creation of a ‘pure play’ dry bulk shipping company will provide significant benefits to both companies and their shareholders. The transaction will enable C3is Inc. to initially focus on the dry bulk sector, while Imperial Petroleum Inc. gradually focuses on the tanker sector. Each company will independently attract new investors and provide shareholders the flexibility to adjust their holdings according to the sectors in which they want to invest.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/14042023/imperial-petroleum-announces-proposed-spin-off-of-two-dry-bulk-carriers/