Imperial Petroleum plunges on $60 mln stock-and-warrants offering

Imperial Petroleum

21/03/2022 10:34

** Imperial Petroleum  IMPP.O  shares down ~46% premarket
after crude-oil shipper prices equity offering
    ** Athens, Greece-based firm on Sun announced 37.5 mln units
at $1.60, 32.5% discount to stock's Fri close  urn:newsml:reuters.com:*:nGNX5YpXMn
    ** Each unit consists of one share (or prefunded warrant)
and one 5-yr warrant to purchase one share, immediately
exercisable at $1.60
    ** Co plans to use net offering proceeds for capex,
including potential acquisition of more vessels
    ** IMPP has ~21.24 mln shares outstanding and 20.2 mln of
free float, per Refinitiv data
    ** Shares on Mar 9 jumped 19% to $5.06 after co said it paid
$31 mln for 2 product tankers  urn:newsml:reuters.com:*:nL2N2VC1BD
    ** IMPP's shares closed at $7.50 on their Dec 6 debut after
co completed spin-off from StealthGas Inc  GASS.O   urn:newsml:reuters.com:*:nGNX4hrPW9 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))