Following multiple rounds of controversial equity raises, Imperial Petroleum has been handed a share price notice by Nasdaq.

The embattled Harry Vafias-led tanker owner announced after the close on Friday that it was warned by the exchange on 17 June that its share price had closed below $1 for 30 consecutive days.

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“The company intends to monitor the closing bid price of its common stock during this grace period and will consider its options,” Imperial Petroleum said.