Imperial Petroleum plunges after $60 million direct stock deal

Imperial Petroleum

28/11/2025 16:17

** Shipping transportation company Imperial Petroleum's IMPP.O shares plunge 21% to $4.74

** IMPP enters agreement with two institutional investors for sale of 9.5 million shares at $6.30 apiece in a registered direct offering for gross proceeds of $60 million

** Stock offering priced at 5% premium to last close

** Maxim Group was sole placement agent for offering

** Proceeds will be used for working capital and general corporate purposes

** IMPP has 34.8 million outstanding shares, per LSEG data

** Lone analyst covering the stock rates it "buy" and has a $6 PT

** As of last close, IMPP stock had nearly doubled YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com))