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Tag: IMPP

  • 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 is gaining in pre-market. Here’s why

    Imperial Petroleum Inc (IMPP) stock is gaining in pre-market. Here’s why

    The stock of Imperial Petroleum Inc (IMPP) closed the regular trading session at $1.57, gaining 38.94% from the previous trading session. The stock of IMPP kept on following the bullish trend in the pre-market, gaining 5.09% to $1.65. The gain in the stock price can be a result of the oil prices as they soared in the global market.

    What happened?

    The oil prices are soaring in the global market and have topped $100. Oil prices are on the loose in the market as Russia started the invasion of Ukraine. Currently, West Texas Intermediate (WTI) crude oil is trading at $94.2 per barrel and Brent crude oil is trading at $101. The oil prices crossed the mark of $100 after 2014.

    Russia is one of the main suppliers of oil to many countries. The chances of the Russia-Ukraine war have led to a massive increase in the prices of oil, globally. Moreover, the worldwide reaction to the Russia-Ukraine struggle has led to other disbursement issues. Following this news, the stock prices of oil companies are soaring in the market.

    Further, on 2 February 2022, IMPP declared the closing of its 9.6 million shares with a price of $1.25 per stock. Also, the company has given a 45-day option to the underwriters to buy up to 1.4 million common stocks at the offer price. The aggregate profit from this offering was $12 million. Each Class A warrant is quickly exercisable for one normal stock at a cost of $1.25 per stock and will terminate after five years of the issuance date.

    What next?

    As the price of oil soars, the stock price of oil-producing firms will also soar. Oil-producing companies will continue to keep an eye on the oil prices as the Russia-Ukraine conflict augments.

    About IMPP

    Imperial Petroleum Inc is a company working in the industry of oil, gas, and consumable fuels. Also, the firm is occupied with the production and investigation of raw petroleum and natural gas in Louisiana and Texas. IMPP has a market capitalization of $7.50 million with 4.78 million shares pending.

  • Imperial Petroleum Inc. (IMPP) stock is gaining in the Pre-market; here is why?

    Imperial Petroleum Inc. (IMPP) gained in the pre-market despite any new or significant development in the business. IMPP values at $0.70, gaining more than 42% from yesterday’s closing price. The stock closed at $0.49 at the end of the last trading session. The stock volume traded in the last trading session was 5.80 million shares. The current market cap is around $7.05 million.

    IMPP SEC Filings

    The Company’s stock is gaining in the pre-market despite any significant news. The reason links to its recently announced SEC filings.

    On February 14, 2022, the Company announced a Statement of acquisition of beneficial ownership by individuals in an SEC Filing.

    The Company has also recently announced the closing of $12 million worth of underwritten public offering. IMPP announced a 9.600,000 unit underwritten public offering at $1.25 per unit. Each unit included one common share and one Class A warrant to acquire one common share. A 45-day option to acquire up to 1,440,000 more common shares, pre-funded warrants, or Class A warrants was also provided to the underwriter, which was partly exercised to purchase 1,440,000 additional Class A Warrants.

    Before underwriting discounts and commissions and expected offering costs, the Company’s total proceeds were about $12.0 million.

    IMPP expects to utilize the funds raised of the offering for capital expenditures, including the purchase of new vessels yet to be determined. Class A warrants are immediately exercisable for one common share at $1.25 each and expire five years after issue.

    Towerview Llc bought shares of IMPP

    Towerview Llc included Imperial Petroleum in its investment portfolio. The purchase costs ranged from $2.02 to $7.5, with an average of $2.66 cost per unit. This transaction had a 0.42 percent effect on a portfolio. As of 12/31/2021, there were 395,779 shares in the Company’s stock.

    Conclusion

    The stock of the IMPP is gaining despite any critical news. The rise may be due to the upcoming results of the fiscal year 2021. The will soon announce its FY21 results.

  • Imperial Petroleum Inc. (IMPP) stock experienced downfall – Latest News

    Imperial Petroleum Inc. (IMPP) stock experienced downfall – Latest News

    Imperial Petroleum Inc. (IMPP) experienced a decrease of 4.66% in premarket. However, the last trading session closed at $0.66 with a decrease of 8.87%.

    About IMPP

    Imperial Petroleum Inc. is a shipowner that provides seaborne transportation services for petroleum products and crude oil. With a combined capacity of 255,804 deadweight tons, the company owns three M.R. product tankers and one Aframax oil tanker. On the Nasdaq Capital Market, Imperial Petroleum Inc.’s common stock and 8.75 percent Series A Cumulative Redeemable Perpetual Preferred Stock trade under the symbols “IMPP” and “IMPPP,” respectively.

    Closing of $12.0 Million Underwritten Public Offering

    On 3rd February 2022, IMPP announced the closure of a $12.0 Million Underwritten Public Offering. Each unit was made up of one common share and one Class A warrant to purchase one common share, and it was split up as soon as it was issued. Moreover, the Company also conferred the underwriter a 45-day option of purchasing up to an additional 1,440,000 common shares, subsidized warrants, and 1,440,000 Class A warrants. Before underwriting reductions and commissions, as well as expected offering costs, the gross proceeds to the Company were approximately $12.0 million.

    Third Quarter 2021 Financial Results – Latest News by IMPP

    IMPP reported third-quarter 2021 financial results on 21st December 2021. The company announced revenue of $4.1 million. Not only this but voyage expenses and vessels’ operating expenses came out to be $0.7 million and $1.9 million respectively. Moreover, drydocking costs were $0.9 million and EBITDA was around $1.2 million. It’s unclear when COVID-19, the fundamental component that suffocates all economic activity, will start to have a lessening effect on energy demand. From a strategic perspective, the company has the patience to wait while still running the business cautiously, with excellent earnings transparency and a stable capital position as cornerstones.

    What’s Next?

    IMPP is pleased to report that the spin-off of STEALTHGAS’ four tankers into a new publicly-traded company has been completed successfully. The market has been affected by COVID-19 uncertainties, resulting in lower oil demand and crude shipments this year, which has been difficult for ship owners. Based on the carve-out financial statements generated, the company’s third-quarter performance was really impoverished.

  • 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.