Imperial Petroleum amends C3is Inc. filing

TL;DR

Imperial Petroleum updated its C3is stake filing - watch for ownership changes.

AI Summary

Imperial Petroleum Inc. filed an amendment (No. 2) to its Schedule 13D on March 20, 2024, regarding its holdings in C3is Inc. The filing indicates a change in beneficial ownership, though specific details on the nature of the change or the exact number of shares involved are not provided in this excerpt. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

This filing signals a potential shift in control or significant stake changes for C3is Inc., which could impact its stock price and strategic direction.

Risk Assessment

Risk Level: medium — Schedule 13D filings often indicate significant investor activity, which can lead to price volatility.

Key Players & Entities

• Imperial Petroleum Inc. (company) — Filing party
• C3is Inc. (company) — Subject company
• Harry N. Vafias (person) — Person authorized to receive notices

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $0.03241 b — and, accordingly, has been adjusted to $0.03241 based on the offering price to the invest
• $0.075 — purchase one share of Common Stock for $0.075 per share or pursuant to an alternative
• $0.085 — purchase one share of Common Stock for $0.085 per share, in the Issuers registered pu

Filing Documents

• d813719dsc13da.htm (SC 13D/A) — 35KB
• 0001193125-24-072685.txt ( ) — 37KB

of the Statement is hereby amended by adding the following paragraphs to the end of Item 3

Item 3 of the Statement is hereby amended by adding the following paragraphs to the end of Item 3: This Amendment No. 2 updates the number of shares of Common Stock beneficially owned by Imperial Petroleum as a result of changes in the conversion price of the 5.0% Series A Cumulative Convertible Perpetual Preferred Stock, par value $0.01 per share (the Series A Convertible Preferred Stock), of the Issuer. The conversion price is adjusted to the lowest price of issuance of Common Stock by the Issuer in any registered offering of Common Stock after the original issuance of Series A Convertible Preferred Stock on June 21, 2023, and, accordingly, has been adjusted to $0.03241 based on the offering price to the investors of the units, comprised of one share of Common Stock, half of a Class C-1 Warrant to purchase one share of Common Stock for $0.075 per share or pursuant to an alternative cashless exercise option and one Class C-2 Warrant to purchase one share of Common Stock for $0.085 per share, in the Issuers registered public offering consummated on March 19, 2024 (the March 2024 Offering), and the exercise of Class C-1 Warrants pursuant to such alternative cashless exercise option. This Amendment No. 2 also updates the percentage of shares of Common Stock beneficially owned by Imperial Petroleum due to issuances of Common Stock by the Issuer, including in the March 2024 offering, and the exercise of 42,000,000 pre-funded warrants issued in such offering. Harry N. Vafias, the Chairman, Chief Executive Officer and President of Imperial Petroleum, is the Non-Executive Chairman of the Issuer and is the beneficial owner of 871,889 shares of Common Stock as of the date hereof. John Kostoyannis and George Xiradakis, each a director of Imperial Petroleum, are each a director of the Issuer and own 12 and nil shares of Common Stock, respectively, as of the date hereof. Item4. Purpose of Transaction. The Reporting Person invested in the securities described in this S

of the Statement is hereby amended and restated to read as follows

Item 5 of the Statement is hereby amended and restated to read as follows: (a) and (b) The responses of Imperial Petroleum to Rows (7) through (11) of the cover page of this Schedule are incorporated herein by reference. Except as set forth herein, neither Imperial Petroleum nor, to the knowledge of Imperial Petroleum, the Covered Persons beneficially own any Common Stock as of the date of this filing. (c) The information set forth in Item 3 is hereby incorporated herein by reference. Other than as set forth in this Schedule, neither Imperial Petroleum nor, to the best of its knowledge, any of the Covered Persons has engaged in any transaction in any Common Stock during the past 60 days. (d) No other person is known to Imperial Petroleum to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of the Common Stock covered by this Schedule. (e) Not applicable. Item6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

of the Statement is hereby amended by adding the

Item 6 of the Statement is hereby amended by adding the following paragraph to the end of Item 6: A copy of the forms of Lockup Agreement entered into by the Reporting Person and each of the Covered Persons in connection with the March 2024 Offering are filed as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference. Item7. Material to be Filed as Exhibits.

of the Statement is hereby amended by adding the following exhibits

Item 7 of the Statement is hereby amended by adding the following exhibits: Exhibit No. Description of Document Exhibit 99.1 Form of Lockup Agreement between Imperial Petroleum Inc. and Aegis Capital Corp. (incorporated by reference to Exhibit A of Exhibit 1.1 to the Companys Report on Form 6-K furnished to the SEC on March 19, 2024). Exhibit 99.2 Form of Lockup Agreement between Covered Persons and Aegis Capital Corp. (incorporated by reference to Exhibit A of Exhibit 1.1 to the Companys Report on Form 6-K furnished to the SEC on March 19, 2024). [The remainder of this page intentionally left blank] SIGNATURE After reasonable inquiry and to the best of the knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: March 20, 2024 IMPERIAL PETROLEUM INC. By: /s/ Harry N. Vafias Harry N. Vafias Chief Executive Officer

View Full Filing

View this SC 13D/A filing on SEC EDGAR