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Wednesday, May 25, 2022

Decline in Crude Oil Prices: Imperial Petroleum Inc. (IMPP) Stock Sank Premarket.

Imperial Petroleum Inc. (IMPP) is one of the largest providers of petroleum products to its clientele. The company is a successor in seaborne transportation services. It is the holder of one Aframax oil tanker and three M.R. product freighters. The average capacity of the tankers and freighters is approximately 255 thousand deadweight tons.


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IMPP stock price during the regular trading session of March 25, 2022, was $1.72 with a dip of 3.91%. Its price further plummeted deep as of the writing in the premarket session of March 28, 2022, by 5.81%.

IMPP: Events and Happenings

On March 27, 2022, IMPP reported releasing the fourth fiscal quarter and full-year 2021 financial outcomes for the quarter and year ended December 31, 2021, on March 29, 2022. The company will also hold a conference call the same day and will discuss the operational and financial outlook.

On March 23, 2022, IMPP informed the press regarding the closure of an underwritten and upsized public offering of 37,500,000 cohorts at a per cohort price of $1.60. Each cohort consisted of one common share and one warrant for the acquisition of one common share. Additionally, the company granted a 45-day option to the underwriter to acquire an additional 5,624,950 common shares and pre-funded warrants and 5,624,950 warrants, at the public offering price. The company intends to utilize the net proceeds from the offering for general corporate purposes and the amount of the gross proceeds is approximately $60 million.

IMPP: Key Financials

IMPP released its Q3 2021, financial statement on December 21, 2021 for the period ended September 30, 2021. Some important characteristics are discussed below.

Revenue

Total net revenue during the third fiscal quarter of 2021 was $4.1 million as opposed to $5.8 million in the comparable period of 2020. Its revenue observed a significant deceleration of $1.7 million or 29.3% YoY.

Net loss

Net loss in the third fiscal quarter of 2021 was reported to be $0.9 million as compared to $0.7 million during the corresponding period of 2020. The company’s net loss increased considerably YoY.

Conclusion

IMPP stock went down by 77% in the previous year as the global economy dwindled during the pandemic. The most recent development which impacted the company’s stock is the reduction in crude oil prices as the virus is resurfacing in China, which is the biggest oil importer.

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