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Tag: Imperial Petroleum Inc

  • Imperial Petroleum Inc. (IMPP) stock Nosedives Premarket on Upsized $60M Public Offering

    On March 20, Imperial Petroleum Inc. (IMPP) announced the pricing of an upsized public offering worth $60 million. Consequently, IMPP nosedived in the premarket on Monday. At the time of writing, the stock was trading at a price of $1.37 per share in the premarket.

    Source: RISMedia

    In the previous regular trading session, the stock remained in the green with a slight gain of 1.94%. IMPP fluctuate between a high of %2.83 and a low of $2.25 during the session. IMPP closed the session at a value of $2.37 per share while 40.14 million shares exchanged hands. Following the announcement, at the time of writing the stock had plunged down in the premarket to lose 42.19%.

    The international seaborne transportations services provider, Imperial Petroleum Inc. was incorporated in 2021. Currently, the company’s 21.24 million outstanding shares trade at a market capitalization of $50.33 million. Standing at a year-to-date gain of 10.75%, the stock added a humungous 383.08% last month. Moreover, in the past five days, the stock has subtracted a value of 31.10%.

    IMPP’s Latest Offering

    Yesterday, the company announced the pricing of its 37,500,000 units at $1.60 per unit in an upsized underwritten public offering. Each of the units is composed of a common share (or pre-funded warrant) and a Class B warrant for purchasing a common share. Furthermore, the common share and warrant are immediately separable upon issuance. The Class B warrants have an exercise price of $1.60 per share with five years expiry. The expected gross proceeds from the offering are $60 million before discounts, expenses, and commissions.

    IMPP plans to use the net proceeds from the offering for capital expenditures like acquisitions of vessels along with general corporate purposes. Further on, the offering is expected to close somewhere near March 23, 2022.

    Additionally, the sole book-running manager for the offering towards the company is Maxim Group LLC.

    Other Company News

    On March 15, the company declared a dividend of $0.546875 per share on its Series A Cumulative Redeemable Perpetual Preferred Stock. The dividend has a record date of March 25, 2022, and is payable on March 30, 2022. Trading under the ticker “IMPPP”, the company had 795,878 Series A Preferred Shares outstanding as of the announcement date.

    In addition, the dividend payment is for the period from December 30, 2021 (last dividend) through March 29, 2022.

    Conclusion

    IMPP stock had been in a downtrend since the company announced its Preferred stock dividends on March 15. While the stock was posing for a comeback on Friday, it took a further downward hit after the company announced a public offering.

  • Imperial Petroleum Inc. (IMPP) stock Advances Further Premarket. What’s Going on?

    Imperial Petroleum Inc. (IMPP) stock Advances Further Premarket. What’s Going on?

    On February 28, Imperial Petroleum Inc. (IMPP) stock had increased by 16.67% in the premarket, at the last check. The stock had already added a good 33.76% in the previous trading session on Friday. IMPP seems to be continuing its previous uptrend while there is no official announcement or SEC filing behind the move.

    During Friday’s regular session, the stock traded heavily at 1,097% of its average volume. During the session, the stock varied between $1.38 and $2.24. IMPP had a value of $2.10 at the close of the regular session while 132.79 million shares exchanged hands. The stock has so far continued its bullish momentum into the premarket. At the time of writing, IMPP was trading at a value of $2.45 per share in the premarket, on Monday.

    Incorporated in 2021, the Greece-based company, Imperial Petroleum Inc. has a market capitalization of $30.19 million. Currently, the company has 14.38 million shares outstanding in the market.

    What is happening?

    IMPP stock has been bullish since it plunged to a low of $0.4810 on February 18, 2022. With no official news or SEC filing from the company, external factors seem to be at play. The company shares seem to be under a coordinated short squeeze due to active investors on social media platforms. Moreover, with the escalating conflict between Russia and Ukraine, oil and energy-related stocks have remained very active. Additionally, the oil supply cut-off, various sanctions, and the impact of global trade have caused a huge move in energy prices.

    Therefore, IMPP stock has added a mammoth value of over 328% in the past five days alone. The stock has added 114.29% in the past month while losing a mild 1.87% year to date.

    IMPP’s $12M Public Offering

    On January 31, the company announced an upsized underwritten public offering of 9,600,000 units at $1.25 per unit. Each unit consisted of a common share and a Class A warrant to buy a common share, separable upon issuance.

    On February 02, IMPP announced the successful closing of the offering for gross proceeds of $12.0 million approximately. The net proceeds from the offering were intended for capital expenditure and general corporate purposes.

    IMPP’s Financial Overview

    In the third quarter of 2021, IMPP’s revenue declined by 29.3% YOY to $4.1 million.

    Furthermore, the company had a net loss of $0.9 million with an adjusted EBITDA of $1.2 million in Q3 2021.

  • Imperial Petroleum Inc. (IMPP) Stock Outperforms in Premarket Following an SEC Filing

    Imperial Petroleum Inc. (IMPP) Stock Outperforms in Premarket Following an SEC Filing

    Imperial Petroleum Inc. (IMPP) stock leaped by a huge 53.45% in the premarket, at the last check on Friday after a Form F-1/A filing with the Securities Exchange Commission (SEC).

    In the previous trading session, IMPP remained gloomy with a loss of 10.77% at its close of $1.16. Following the SEC filing, the stock was trading at $1.78 per share at the time of writing, in the premarket.

    The international seaborne transportations services provider, Imperial Petroleum Inc. was incorporated in 2021. Currently, its 4.78 million outstanding shares trade at a market capitalization of $6.21 million.

    What Happened?

    On Thursday, the company filed an amendment to its Form F-1 with the SEC. Given that there is no other official announcement, it seems the stock is gaining as a consequence of yesterday’s filing.

    It was only recently that IMPP started trading on Nasdaq. Following its trading commencement on Nasdaq, the stock has suffered some big losses. Presently, the stock stands at a year-to-date loss of 45.79% while it has lost 22.67% in the past five days alone.

    IMPP’s Commencement on Nasdaq

    On December 03, 2021, the company completed its spin-off from StealthGas Inc. Subsequently, the company commenced trading on the Nasdaq Capital market on December 06, 2021. The company’s common stock and Series A Cumulative Redeemable Perpetual Preferred stock started trading on Nasdaq under the tickers “IMPP” and “IMPPP”, respectively.

    Series A Preferred Dividend

    On December 16, the company declared a dividend of $0.139757/share approx. on its 8.75% Series A Preferred stock. The dividend payment was related to the Series A Preferred stock’s period from original issuance (December 3) to December 29, 2021. Moreover, the dividend was payable on December 30, 2021, to record holders as of December 27.

    On the next day, i.e. December 17, IMPP made a correction to the value of the dividend. The corrected value of the dividend was then declared to be $0.1640625 per share.

    IMPP’s Financial Overview

    On December 21, the company declared its unaudited financial results for the third quarter of 2021.

    In Q3 of 2021, IMPP had revenue of $4.1 million, against that of $5.8 million in the year-ago period. Thus, showing a decline of 29.3% year over year.

    Furthermore, the company had a net loss of $0.9 million in Q3 of 2021, against $0.7 million in the year-ago quarter.