Harry N. Vafias Amends Imperial Petroleum Stake

TL;DR

**Insider Harry N. Vafias updated his Imperial Petroleum holdings, signaling a potential shift in his confidence.**

AI Summary

Harry N. Vafias, through Flawless Management Inc. and Arethusa Properties Ltd., has updated his beneficial ownership in Imperial Petroleum Inc. This Amendment No. 5 to Schedule 13D, filed on January 8, 2024, indicates a change in his holdings as of January 3, 2024. This matters to investors because Vafias is a significant insider, and changes in his ownership can signal his confidence in the company's future, potentially influencing stock perception and price.

Why It Matters

Changes in beneficial ownership by key insiders like Harry N. Vafias can signal their conviction about the company's prospects, potentially impacting investor sentiment and stock valuation.

Risk Assessment

Risk Level: medium — While not inherently negative, changes in significant insider holdings can introduce uncertainty regarding future company direction or performance.

Analyst Insight

Investors should monitor subsequent amendments to this filing for specific details on changes in share count or voting power, as this filing only indicates an update occurred without providing the specifics of the change itself.

Key Players & Entities

• Harry N. Vafias (person) — beneficial owner and person authorized to receive notices for Imperial Petroleum Inc.
• Imperial Petroleum Inc. (company) — the issuer of the securities
• Flawless Management Inc. (company) — a filing person and group member
• Arethusa Properties Ltd. (company) — a group member
• $0.01 (dollar_amount) — par value per share of Common Stock

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $1,145,015.24 — e of 397,305 shares of Common Stock for $1,145,015.24 (including commissions) in open market

Filing Documents

• d110910dsc13da.htm (SC 13D/A) — 70KB
• d110910dex9912.htm (EX-99.12) — 8KB
• 0001193125-24-004425.txt ( ) — 79KB

. Source and Amount of Funds or Other Consideration

Item 3 . Source and Amount of Funds or Other Consideration

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: Between January 2, 2024 and January 4, 2024, Arethusa acquired an aggregate of 397,305 shares of Common Stock for $1,145,015.24 (including commissions) in open market purchases using its working capital

Purpose of Transaction

Item 4. Purpose of Transaction. The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investment in the Issuer on a continuing basis. Any Reporting Person may from time to time acquire additional securities of the Issuer, or retain or sell all or a portion of the shares then held by the Reporting Persons, in the open market, block trades, underwritten public offerings or privately negotiated transactions. Any actions any Reporting Person might undertake with respect to its investment in the Issuer may be made at any time and from time to time and will be dependent upon such Reporting Persons review of numerous factors, including, but not limited to: ongoing evaluation of the Issuers business, financial condition, operations, prospects and strategic alternatives; price levels of the Issuers securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; tax considerations; liquidity of the Issuers securities; and other factors and future developments. Mr. Vafias serves as the Chairman and Chief Executive Officer of the Issuer and therefore regularly engages in discussions with management of the Issuer, the board of directors of the Issuer, other shareholders of the Issuer and other relevant parties, which discussions may include matters ranging from the operations and conduct of the Issuers business to considering or exploring extraordinary corporate transactions including the events listed in Items 4(a) through 4(j) of Schedule 13D. In connection with these discussions, the Reporting Persons may, either directly or through one or more affiliates, determine to take any available course of action or to take no course of action and may at any time and from time to time take steps to further or implement such course of action, including any of the events listed in Items 4(a) through 4(j) of Schedule 13D. Any action

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . (a) See Items 11 and 13 on the cover pages to this Amendment No. 5 for the aggregate number and percentage of the class of Common Stock owned by each Reporting Person. (b) Number of shares as to which each Reporting Person has: i. Sole power to vote or to direct the vote: See Item 7 on cover pages to this Statement. ii. Shared power to vote or to direct the vote: See Item 8 on cover pages to this Statement. iii. Sole power to dispose or direct the disposition: See Item 9 on cover pages to this Statement. iv. Shared power to dispose or direct the disposition: See Item 10 on cover pages to this Statement. (c) Annex A , attached hereto, sets forth transactions in the Common Stock that were effected since the most recent filing of Schedule 13D by the Reporting Persons on December 22, 2023. The transactions in the Common Stock described on Annex A were effected on securities exchanges through brokers unless otherwise indicated therein. Except as set forth in this Schedule, none of the Reporting Persons has engaged in any transaction in any Common Stock since the most recent filing of Schedule 13D by the Reporting Persons on December 22, 2023. (d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock beneficially owned by the Reporting Persons. (e) Not applicable.

Material to be Filed as Exhibits

Item 7. Material to be Filed as Exhibits .

is

Item 7 is hereby amended to add the following exhibit: Exhibit 12: Joint Filing Agreement, dated January 8, 2024, among Flawless Management Inc., Arethusa Properties LTD and Harry N. Vafias. [The remainder of this page intentionally left blank] SIGNATURE After reasonable inquiry and to the best of the knowledge and belief of each of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 8, 2024 FLAWLESS MANAGEMENT INC. By: /s/ Harry N. Vafias Harry N. Vafias President ARETHUSA PROPERTIES LTD /s/ Harry N. Vafias Harry N. Vafias President /s/ Harry N. Vafias Harry N. Vafias ANNEX A TRANSACTIONS The following table sets forth all transactions with respect to Common Stock effected by the Reporting Persons on behalf of the Reporting Persons in respect of the Common Stock since the most recent filing of Schedule 13D by the Reporting Persons on December 22, 2023, inclusive of any transactions effected prior to the filing hereof, on January 8, 2024. All such transactions were purchases or sales of Common Stock effected in the open market, and the Net Price set forth in the table includes commissions paid in per share prices. Trade Date Reporting Person Effecting Transaction Buy/Sell Quantity Gross Price ($) Net Price ($) 1/2/2024 ARETHUSA PROPERTIES LTD BUY 133,779 2.8507 2.8587 1/3/2024 ARETHUSA PROPERTIES LTD BUY 209,346 2.8934 2.9052 1/4/2024 ARETHUSA PROPERTIES LTD BUY 54,180 2.8372 2.8495

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