Imperial Petroleum Amends C3is Inc. Stake Disclosure

TL;DR

**Imperial Petroleum just updated its C3is Inc. ownership, watch for potential strategic shifts!**

AI Summary

Imperial Petroleum Inc. filed an amended Schedule 13D/A on January 24, 2024, indicating a change in its beneficial ownership of C3is Inc. common stock. This amendment, dated January 23, 2024, updates previous disclosures regarding Imperial Petroleum's stake in C3is Inc., a deep sea freight transportation company. This matters to investors because it signals a potential shift in control or influence over C3is Inc. by a significant shareholder, which could impact future strategic decisions or stock performance.

Why It Matters

This filing shows an update to a major shareholder's position, which can influence C3is Inc.'s governance and strategic direction, potentially affecting its stock value.

Risk Assessment

Risk Level: medium — Changes in significant shareholder positions can introduce uncertainty regarding future company direction and stock volatility.

Analyst Insight

Investors should monitor subsequent filings from Imperial Petroleum Inc. and C3is Inc. for further details on the nature of this ownership change and any potential strategic implications. Reviewing the full Schedule 13D/A, once available, will provide specific details on the number of shares and percentage of ownership.

Key Players & Entities

• Imperial Petroleum Inc. (company) — the filing person and beneficial owner of C3is Inc. shares
• C3is Inc. (company) — the issuer of the common stock being reported on
• Harry N. Vafias (person) — contact person for Imperial Petroleum Inc.
• $0.01 (dollar_amount) — par value per share of C3is Inc. Common Stock
• January 23, 2024 (date) — date of the event requiring the filing

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $0.25 — ble Preferred Stock conversion price of $0.25. AMENDMENT NO. 1 TO STATEMENT ON SC

Filing Documents

• d746589dsc13da.htm (SC 13D/A) — 37KB
• 0001193125-24-014238.txt ( ) — 39KB

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. 1 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 $0.25 the offering price to the investors of the units, comprised of one share of Common Stock, half of a Class B-1 Warrant and one Class B-2 Warrant to purchase one share of Common Stock, in the Issuers registered public offering consummated on January 23, 2024 (the January 2024 Offering). This Amendment No. 1 also updates the percentage of shares of Common Stock beneficially owned by Imperial Petroleum, including to reflect the issuance of Common Stock by the Issuer in the January 2024 Offering, and upon exercise of 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, including 74 shares acquired on December 5, 2023, upon the transfer by Mr. Vafias mother of all of the outstanding equity interests in Arethusa Properties Ltd., which owns 74 shares of Common Stock, to Mr. Vafias without consideration. 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. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

of the Statement is hereby amended by adding the following paragraph to the end of Item 6

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 such offering are filed as Exhibits 4 and 5, respectively, and are incorporated herein by reference. Item 7. Material to be Filed as Exhibits. Exhibit No. Description of Document Exhibit 4 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 January 23, 2024). Exhibit 5 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 January 23, 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: January 24, 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