Imperial Petroleum sinks on $40 mln stock-and-warrants deal

Imperial Petroleum

17/05/2022 11:08

** Imperial Petroleum  IMPP.O  shares down nearly 50%
premarket as shipping co raises equity
    ** IMPP trading volume approaching 13 mln shares, making
stock the most active as of 6:00 a.m. ET
    ** Athens, Greece-based co late Mon announced ~72.7 mln
units at 55 cents, 28% discount to stock's last close
 urn:newsml:reuters.com:*:nGNX6HNfwt
    ** Each unit consists of one share and one 5-yr warrant to
purchase one share, immediately exercisable at 55 cents/sh
    ** Co says plans to use net offering proceeds for capex,
including potential acquisition of vessels in seaborne
transportation sectors other than product and crude tanker
sectors in which it currently operates
    ** IMPP has ~69.94 mln shares outstanding and ~68.9 mln of
free float, per Refinitiv data
    ** Shares hit peak of $9.70 in Mar since co in Dec 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))