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Wednesday, May 25, 2022

Update on Pricing of Public Offering: Imperial Petroleum Inc. (IMPP) Stock Declined Premarket.

Imperial Petroleum Inc. (IMPP) is one of the successors in the shipping enterprise and provides the petroleum products to its clients. It is the possessor of Aframax oil tanker and M.R. product freighters with an average capacity to carry 0.25 million deadweight tons.


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IMPP stock price on March 18, 2022, regular trading session, climbed by 1.94% to be $2.37. Its price considerably declined as of the writing in the premarket session of March 21, 2022, by 42.1%.

IMPP: Events and Happenings

On March 20, 2022, IMPP informed the press regarding the pricing of an underwritten public offering of 37,500,000 entities at a per entity price of $1.60. Each entity comprised one common share and one warrant for the acquisition of one common share. The net proceeds obtained from the offering are estimated to be up to $60 million. It plans to utilize the gross proceeds from the offering for general and corporate purposes. Each warrant is exercisable for one common share at a per share price of $1.60. The offering is estimated to conclude on March 23, 2022.

On March 15, 2022, IMPP reported on paying a per-share dividend of approximately $0.54 on its 8.75% Redeemable Preferred Stock. The total number of preferred outstanding shares is 795,878.

IMPP: Key Financials

On December 21, 2021, IMPP issued consolidated third-quarter 2021 financials for the quarter ended September 30, 2021. Some key highlights are discussed here.

Revenue

Total net revenue in Q3 2021 was $4.1 million against $5.8 million during the corresponding quarter in 2020. Its revenues recorded a YoY decline of $1.7 million or 29.3%.

EPS

Net losses during Q3 2021 were recorded to be $0.9 million in comparison to $0.7 million for the comparable quarter of 2020. The company’s net losses inclined significantly YoY.

Conclusion

The price of IMPP stock is 8% declined year-to-date. Its price nose-dived by 42% upon the release of pricing of an upsized underwritten public offering by the company. The Russia-Ukraine conflict has impacted the company’s stock positively as its stock gained a hefty 196% in the past month.

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