Imperial Petroleum Inc. (NasdaqCM:IMPP) agreed to Spin-Off C3is Inc on April 12, 2023. Imperial Petroleum will receive one C3is common share for every 120 shares of Imperial Petroleum?s common stock. Imperial Petroleum will receive one C3is common share for every 8 shares of Imperial Petroleum?s common stock. C3is Inc. will be traded Under the symbol ?CISS". The record date of the transaction is June 13, 2023. Transaction is subject to the approval of Imperial Petroleum?s Board of Directors, approval of request for common shares to be listed on Nasdaq, regulatory approvals, third party consents and the effectiveness of the registration statement. The transaction is expected to be completed in the second quarter of 2023. The transaction is expected to be completed on or around June 21, 2023. American Stock Transfer & Trust Company, LLC serve as distribution agent in connection with the Spin-Off Distribution and as transfer agent and registrar for C3is common shares. Goodwin Procter LLP and Reeder & Simpson P.C. acted as legal advisors to C3is Inc.

Imperial Petroleum Inc. (NasdaqCM:IMPP) completed the Spin-Off of C3is Inc. (NasdaqCM:CISS) on June 21, 2023. Imperial Petroleum will retain an interest in C3is Inc. through its ownership of Series A Convertible Preferred Stock of C3is Inc., which was not distributed by Imperial Petroleum in the spin-off.