Imperial Petroleum up after spinoff proposal

Imperial Petroleum

13/04/2023 10:44

** Shares of Imperial Petroleum Inc  IMPP.O  up 6% at 23
cents premarket 
    ** Co proposes to spin off two of its drybulk carriers under
a holding firm named C3is Inc
    ** C3is Inc has also applied to have its shares listed on
Nasdaq  .IXIC  - co
    ** IMPP says C3is will focus on drybulk sector, while
Imperial Petroleum will focus on the tanker sector gradually
    ** Transaction is expected to be complete in Q2 2023 - IMPP
    ** Up to last close, stock had fallen 7% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))