Imperial Petroleum Inc. completed a spin-off of its previously wholly-owned subsidiary C3is Inc. on June 21, the company said in a press release. C3is Inc. is a holding company for two drybulk carriers.

Imperial stockholders and warrantholders received one share of C3is common stock for every eight shares of Imperial’s common stock owned. Holders of outstanding Imperial warrants can purchase pursuant to warrants owned by the close of business on June 13.

If this distribution results in shareholders owning a fractional share of C3is, the fractional shares will be aggregated into whole shares and sold in the open market. Net cash proceeds from these sales will be distributed proportionally to each fractional share holder.

Imperial will keep an interest in C3is through its ownership of Series A convertible preferred stock. 

Imperial Petroleum is based in Greece and is a ship-owning company that transports petroleum products.