IMPPP - Imperial Petroleum: Relentless Dilution And A Memorable Conference Call

• Company continues to relentlessly dilute common shareholders in order to accomplish its aggressive fleet expansion targets.
• Since its spin-off from StealthGas seven months ago, outstanding common shares have increased by more than 3,500%, while NAV per share has decreased by more than 75%.
• On Tuesday, the company reported anticipated weak Q1 results and subsequently conducted a memorable conference call with management seemingly exhibiting its total disregard for common shareholders.
• Second quarter financial performance will likely be impacted by a number of weak legacy charter contracts and the fact that the majority of the recently acquired vessels was delivered late in the quarter.
• With management apparently being incentivized to quickly grow the fleet at virtually any price, common shareholders are likely to suffer further dilution sooner rather than later. Given these issues, investors should consider using the next momentum rally to sell existing positions and move on.

For further details see: