Key Summary: On August 30, 2023, Galloway Capital Partners (2.3%) sent a letter to Imperial Petroleum's Board, expressing concern over a nearly 99% share price drop since March 2022 despite positive financial results. They questioned the necessity of recent dilutive financing and perceived self-dealing in ship acquisitions, calling for a halt and reversal of such transactions, a share repurchase, board expansion, and enhanced fiduciary duties. On September 11, Galloway criticized the approval of a Share Repurchase Program and vessel acquisitions from CEO affiliates as self-serving, demanding an immediate tender for recently sold shares and warrants and recommending two board candidates. On October 10, Galloway reiterated concerns over management's poor performance and called for a tender for recent shares and warrants.M.Cap: $46 million | Imperial Petroleum Inc. provides international seaborne transportation services to oil producers, refineries, and commodities traders.
On August 30, 2023, Galloway Capital Partners (2.3%) sent a letter to the Board expressing concern over Imperial Petroleum's declining shareholder value, citing a nearly 99% drop in share price since March 2022. Galloway highlighted positive financial results, emphasizing strong revenues and profitability, but questioned the need for recent dilutive financing given the Company's solid balance sheet and financial performance. Galloway also pointed out self-dealing perceptions in ship acquisitions and share issuances, requesting an immediate halt and reversal of such transactions. Furthermore, Galloway called for a share repurchase, board expansion, and enhanced fiduciary duties to enhance shareholder value.
On September 11, 2023, Galloway Capital Partners sent a letter to the Chairman and CEO of the company expressing grave concerns. Galloway Capital Partners was dismayed by recent actions taken by the Company, including the approval of a Share Repurchase Program and the acquisition of vessels from affiliates of the CEO. Galloway Capital Partners found these actions self-serving and damaging to shareholders. It demanded an immediate tender for recently sold shares and warrants, questioned a hyper-dilutive financing decision, and recommended two candidates for the Board of Directors.
On October 10, 2023, Galloway Capital Partners delivered a letter to the CEO of the company highlighting management and the Board’s poor performance in enhancing shareholder value, and the need to tender for the shares and warrants issued in a recent financing.
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