Investors in Imperial Petroleum (NASDAQ:IMPP) had a pretty harrowing start to the week as the company’s stock suffered from an almighty selloff and ended the day with a decline of as much as 55%. This morning, it may be important for investors to figure out if the slide is going to continue or if there is going to be any kind of recovery any time soon.
Trading Data
On Monday, IMPP stock slumped 55% to $0.98 with more than 29.86 million shares, compared to its average volume of 3.08 million shares. The stock has moved within a range of $0.9525 – 1.0800 after opening trade at $1.05
Upsized $12.0 Million Underwritten Public Offering
The plunge in the stock commenced after the company announced the pricing of its upsized public offering. It was announced that Imperial Petroleum was going to offer a total of as many as 9.6 million units for $1.25 each.
A unit is going to consist of one share in Imperial Petroleum and a solitary Class A warrant which is going to entitle the holder to pick up another share. It should be noted that the warrant is going to be separated right after the issuance of the units. It has been suggested that the company is going to bring in gross proceeds to the tune of as much as $12 million. However, the news clearly did not go down well with investors and they headed for the exits as a consequence.
Technical Data
IMPP stock is trading below the 20-Day and 50-Day Moving averages of $1.81 and $2.26 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.26.
