On September 11, 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 its disagreement with the Company?s recent announced Share Repurchase Program as well as the acquisition of two additional ships from affiliates of the CEO.

Galloway Capital Partners also asked for 2 individuals of it choosing to be appointed to the Company?s Board of Directors.