2023-04-13 03:30:16 ET
- Ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, Imperial Petroleum ( NASDAQ: IMPP ) through a wholly-owned subsidiary to effect a spin-off of two of its drybulk carriers .
- C3is, the newly formed subsidiary that will act as the holding company for the two drybulk carriers, has applied to have its stock listed on the Nasdaq.
- The transaction is expected to be completed in Q2 2023.
- The board of directors believes that the creation of a “pure play” drybulk shipping company will provide significant benefits to both companies and their shareholders.
- Stock price is up 1.7% during late night hours on Wednesday.
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Imperial Petroleum up 1.7% spins off two of its drybulk carriers