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    Amendment: SEC Form SCHEDULE 13D/A filed by Imperial Petroleum Inc.

    4/8/25 8:25:35 PM ET
    $IMPP
    Marine Transportation
    Consumer Discretionary
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    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549


    SCHEDULE 13D

    Under the Securities Exchange Act of 1934

    (Amendment No. 8)


    Imperial Petroleum Inc.

    (Name of Issuer)


    Common Stock, par value $0.01 per share

    (Title of Class of Securities)


    Y3894J187

    (CUSIP Number)


    Harry N. Vafias
    c/o Imperial Petroleum Inc., 331 Kifissias Avenue, Erithrea
    Athens, J3, 14561
    011 30210 625 0001

    (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
    04/04/2025

    (Date of Event Which Requires Filing of This Statement)


    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






    SCHEDULE 13D

    CUSIP No.
    Y3894J187


    1 Name of reporting person

    Flawless Management Inc.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    MARSHALL ISLANDS
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    6,991,255.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    6,991,255.00
    11Aggregate amount beneficially owned by each reporting person

    6,991,255.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    20.3 %
    14Type of Reporting Person (See Instructions)

    CO



    SCHEDULE 13D

    CUSIP No.
    Y3894J187


    1 Name of reporting person

    Arethusa Properties LTD
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    VIRGIN ISLANDS, BRITISH
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    2,926,395.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    2,926,395.00
    11Aggregate amount beneficially owned by each reporting person

    2,926,395.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    8.5 %
    14Type of Reporting Person (See Instructions)

    CO



    SCHEDULE 13D

    CUSIP No.
    Y3894J187


    1 Name of reporting person

    Harry N. Vafias
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    GREECE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    2,337,054.00
    8Shared Voting Power

    9,917,650.00
    9Sole Dispositive Power

    2,377,054.00
    10Shared Dispositive Power

    9,917,650.00
    11Aggregate amount beneficially owned by each reporting person

    12,254,704.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    35.6 %
    14Type of Reporting Person (See Instructions)

    IN

    Comment for Type of Reporting Person:
    The numbers of securities in Rows 7, 9 and 11 include 50,000 shares of Common Stock acquirable pursuant to compensatory stock options at an exercise price of $3.60 per share which are scheduled to vest on April 12, 2025.


    SCHEDULE 13D

    Item 1.Security and Issuer
    (a)Title of Class of Securities:

    Common Stock, par value $0.01 per share
    (b)Name of Issuer:

    Imperial Petroleum Inc.
    (c)Address of Issuer's Principal Executive Offices:

    331 Kifissias Avenue, Erithrea, Athens, GREECE , 14561.
    Item 1 Comment:
    This Amendment No. 8 (this "Amendment No. 8") to Schedule 13D (originally filed on August 4, 2023 and amended by Amendment No. 1 filed on August 23, 2023, Amendment No. 2 filed on November 3, 2023, Amendment No. 3 filed on December 11, 2023, Amendment No. 4 filed on December 22, 2023, Amendment No. 5 filed on January 8, 2024, Amendment No. 6 filed on April 16, 2024 and Amendment No. 7 filed on October 29, 2024), relates to the common stock, par value $0.01 per share ("Common Stock"), of Imperial Petroleum Inc., a Marshall Islands corporation (the "Issuer"), and is being filed pursuant to a Joint Filing Agreement (attached as Exhibit 99.2 and incorporated herein by reference) by and between Flawless Management Inc., a Republic of the Marshall Islands corporation ("Flawless"), Arethusa Properties LTD, a British Virgin Islands company ("Arethusa"), and Harry N. Vafias in his personal capacity (sometimes collectively referred to as the "Reporting Persons"). Information given in response to each item below shall be deemed incorporated by reference in all other items below. Unless indicated otherwise, all items left blank remain unchanged, and any items which are amended below are deemed to amend and update the existing items in the Schedule 13D.
    Item 3.Source and Amount of Funds or Other Consideration
     
    Item 3 of the Statement is hereby amended by adding the following paragraphs to the end of Item 3: Between April 4, 2025 and April 8, 2025, Arethusa acquired an aggregate of 245,404 shares of Common Stock for $560,146 (including commissions) in open market purchases using its working capital This Amendment No. 8 also updates the number of shares of Common Stock beneficially owned by Mr. Vafias to include 281,250 shares of restricted common stock, 50% of which vest on January 8, 2026 and 50% of which vest on January 8, 2027, subject to satisfaction of time-based vesting, acquired as compensatory awards on January 8, 2025 and the 50,000 shares of Common Stock acquirable pursuant to compensatory stock options at an exercise price of $3.60 per share which are scheduled to vest on April 12, 2025 subject to satisfaction of time-based vesting.
    Item 4.Purpose of Transaction
     
    The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investment in the Issuer on a continuing basis. Any Reporting Person may from time to time acquire additional securities of the Issuer, or retain or sell all or a portion of the shares then held by the Reporting Persons, in the open market, block trades, underwritten public offerings or privately negotiated transactions. Any actions any Reporting Person might undertake with respect to its investment in the Issuer may be made at any time and from time to time and will be dependent upon such Reporting Person's review of numerous factors, including, but not limited to: ongoing evaluation of the Issuer's business, financial condition, operations, prospects and strategic alternatives; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; tax considerations; liquidity of the Issuer's securities; and other factors and future developments. Mr. Vafias serves as the Chairman and Chief Executive Officer of the Issuer and therefore regularly engages in discussions with management of the Issuer, the board of directors of the Issuer, other shareholders of the Issuer and other relevant parties, which discussions may include matters ranging from the operations and conduct of the Issuer's business to considering or exploring extraordinary corporate transactions including the events listed in Items 4(a) through 4(j) of Schedule 13D. In connection with these discussions, the Reporting Persons may, either directly or through one or more affiliates, determine to take any available course of action or to take no course of action and may at any time and from time to time take steps to further or implement such course of action, including any of the events listed in Items 4(a) through 4(j) of Schedule 13D. Any action or actions the Reporting Persons may undertake with respect to their investment in the Issuer or the operations and conduct of the Issuer's business will be dependent upon the Reporting Persons' review of numerous factors, including those listed above, and the Reporting Persons specifically reserve the right to change their intentions, or to formulate plans and proposals, with respect to any or all of the matters described in this paragraph, subject to applicable law and regulations.
    Item 5.Interest in Securities of the Issuer
    (a)
    See Items 11 and 13 on the cover pages to this Amendment No. 8 for the aggregate number and percentage of the class of Common Stock owned by each Reporting Person.
    (b)
    Number of shares as to which each Reporting Person has: i. Sole power to vote or to direct the vote: See Item 7 on cover pages to this Statement. ii. Shared power to vote or to direct the vote: See Item 8 on cover pages to this Statement. iii. Sole power to dispose or direct the disposition: See Item 9 on cover pages to this Statement. iv. Shared power to dispose or direct the disposition: See Item 10 on cover pages to this Statement.
    (c)
    Exhibit 99.1 attached hereto, sets forth transactions in the Common Stock that were effected during the past 60 days. The transactions in the Common Stock described on Exhibit 99.1 were effected on securities exchanges through brokers unless otherwise indicated therein. Except as set forth in this Schedule, none of the Reporting Persons has engaged in any transaction in any Common Stock during the past 60 days.
    (d)
    No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock beneficially owned by the Reporting Persons.
    (e)
    Not applicable.
    Item 7.Material to be Filed as Exhibits.
     
    Item 7 is hereby amended to add the following exhibit: Exhibit 99.2: Joint Filing Agreement, dated April 8, 2025, among Flawless Management Inc., Arethusa Properties LTD and Harry N. Vafias.

        SIGNATURE 
     
    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

     
    Flawless Management Inc.
     
    Signature:/s/ Harry N. Vafias
    Name/Title:Harry N. Vafias/President
    Date:04/08/2025
     
    Arethusa Properties LTD
     
    Signature:/s/ Harry N. Vafias
    Name/Title:Harry N. Vafias/President
    Date:04/08/2025
     
    Harry N. Vafias
     
    Signature:/s/ Harry N. Vafias
    Name/Title:Harry N. Vafias
    Date:04/08/2025
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