To be effective April 28, 2023

Aiming to meet the minimum bid price requirement for maintaining listing on Nasdaq

Shareholders’ percentage ownership interest will not be affected

ATHENS, GREECE – April 26, 2023 – IMPERIAL PETROLEUM INC. (the “Company”) (Nasdaq: IMPP) today announced that its board of directors has determined to effect a one-for-fifteen (1-for-15) reverse stock split of the Company’s common stock, par value $0.01 per share.

The reverse stock split will take effect, and the Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market as of the opening of trading on April 28, 2023.  The CUSIP number of Y3894J187 will be assigned to the Company’s common stock when the reverse stock split becomes effective.

Athens, Greece, April 12, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, today announced that, through a wholly-owned subsidiary, it has filed a registration statement on Form F-1 pursuant to the Securities Act of 1933 to effect a spin-off of two of its drybulk carriers. C3is Inc., the newly formed subsidiary that will act as the holding company for the two drybulk carriers, has applied to have its common stock listed on the Nasdaq Capital Market.

Athens, Greece, April 3, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that the Company recently repaid early and in full the $23.2 million outstanding loan with DNB ASA Bank. This loan was secured with first priority mortgages against the product tankers Magic Wand, Clean Sanctuary and Clean Thrasher and against our Aframax tanker the Stealth Berana. Following this loan repayment Imperial Petroleum’s total debt is in the region of $45 million. The Company currently owns and operates a fleet of twelve vessels, eight of which are unencumbered.

Athens, Greece, April 11, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that the Company recently repaid early and in full the $30.0 million outstanding loan with NBG Bank. This loan was secured with first priority mortgages against the Suezmax tankers the Suez Enchanted and the Suez Protopia. Following this loan repayment Imperial Petroleum’s total debt is in the region of $15.0 million. The Company currently owns and operates a fleet of twelve vessels, ten of which are unencumbered. The Company elected to voluntarily repay the majority of its outstanding loans so as to utilize its excess cash amidst a positive market environment and shield its cash flow generation going forward against the increasing finance costs.

Athens, Greece, March 27, 2023 – Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that at March 27, 2023 the Company’s management, estimates Imperial Petroleum Inc’s Net Asset Value (“NAV”) to be $338.6 million, which is approximately 717% above its current market capitalization. The NAV which includes total outstanding cash of $142.2 million is increasing daily on account of the record net cashflow contributed by our tankers.

This translates into a NAV of $1.39 per common share currently outstanding and $1.17 per common share on a fully diluted basis (assuming exercise of all outstanding warrants for cash).