On August 30, 2023, Galloway Capital Partners, LLC delivered a letter to Imperial Petroleum, Inc.?s Chief Executive Officer. In the letter, Galloway Capital Partners highlighted management?s poor performance in enhancing shareholder value and near 99% decline in the closing share price since March 2022. Galloway Capital Partners also noted that its disagreement with the Company?s recent $17 million common stock and warrant financing at a purchase price of $2.00 per unit.

Galloway Capital Partners urges the Company to immediately make an offer to repurchase the recently issued shares. Galloway Capital Partners also suggests the Company to expand its Board to include representation from outside shareholders and professional investors. Galloway Capital Partners stated that it would like to meet with the Company?s management and discuss options to enhance shareholder value so that the underlying values of the stock can reflect the true value of the Company.

Galloway Capital Partners added that the Board of Directors and management have a fiduciary duty to all shareholders and obligation to restore and rebuild shareholder value. Galloway Capital Partners urges the Company to act in a manner consistent with its fiduciary responsibilities to all of the Company?s shareholders.