Imperial Petroleum Inc IMPP shares are trading flat at $1.36, pulling back following earlier strength, after the company disclosed a $10 million share buyback program and a deal to acquire two vessels.
The share repurchase program allows for the buyback of up to $10 million of its common stock, with flexibility in timing and methods. Imperial Petroleum says the program can be suspended or terminated as needed.
Imperial Petroleum is also set to acquire two tanker vessels, Stealth Haralambos (2009) and Aquadisiac (2008), with a combined capacity of about 163,716 dwt, for a total of $71 million.
The vessels will be delivered without charter commitments by January 2024, financed using available cash resources, and the transaction received approval from the company's audit committee.
According to data from Benzinga Pro, IMPP has a 52-week high of $6.32 and a 52-week low of $1.18.
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