Vafias Amends Imperial Petroleum Stake Filing

TL;DR

Vafias updated his Imperial Petroleum (IMPP) filing, still holds significant control.

AI Summary

Harry N. Vafias, through Flawless Management Inc. and Arethusa Properties Ltd., has amended their Schedule 13D filing for Imperial Petroleum Inc. as of April 16, 2024. The filing indicates a change in beneficial ownership, with Vafias maintaining control over a significant portion of the company's stock.

Why It Matters

This amendment to a Schedule 13D filing signals potential shifts in control or strategy for Imperial Petroleum Inc., which could impact its stock price and future operations.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or changes in control, introducing uncertainty.

Key Players & Entities

• Harry N. Vafias (person) — Beneficial owner and authorized contact
• Imperial Petroleum Inc. (company) — Subject company
• Flawless Management Inc. (company) — Filing entity
• Arethusa Properties Ltd (company) — Group member

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $3 — Stock at an exercise price per share of $3.60, the closing price of the Common Sto

Filing Documents

• d785769dsc13da.htm (SC 13D/A) — 63KB
• d785769dex9913.htm (EX-99.13) — 6KB
• 0001193125-24-097052.txt ( ) — 71KB

. 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: This Amendment No. 6 is being filed by the Reporting Persons to update the number of shares beneficially owned by Harry N. Vafias as a result of the acquisition by Mr. Vafias on April 12, 2024, as compensatory awards, 280,000 shares of restricted Common Stock, 50% of which vest on April 12, 2025 and 50% of which vest on April 12, 2026, subject to satisfaction of the time-based vesting terms. On April 12, 2024, Mr. Vafias also acquired, as compensatory awards, options exercisable to acquire 100,000 shares of Common Stock at an exercise price per share of $3.60, the closing price of the Common Stock on April 12, 2024, and an option expiration date of April 12, 2034, 50% of which options vest on April 12, 2025 and 50% of which options vest on April 12, 2026, subject to satisfaction of the time-based vesting terms, which underlying shares are excluded from the number of shares beneficially owned by Mr. Vafias. On April 3, 2024, Mr. Vafiass father, Nikolaos Vafias, transferred 41,275 shares of Common Stock to Mr. Vafias without consideration. This Amendment No. 6 also updates the percentage of Common Stock of the Company beneficially owned by the Reporting Persons based on the revised total number of outstanding shares of Common Stock, as reported by the Issuer in the Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 12, 2024.

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 acti

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Item 5 of the Statement is hereby amended and restated to read as follows: (a) See Items 11 and 13 on the cover pages to this Amendment No. 6 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) Except as set forth in this Schedule, none of the Reporting Persons has engaged in any transaction in any Common Stock during the past 60 days. (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 . Item 7 is hereby amended to add the following exhibit: Exhibit 13: Joint Filing Agreement, dated April 16, 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: April 16, 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

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View this SC 13D/A filing on SEC EDGAR