In the past week, the Imperial Petroleum Inc (NASDAQ:IMPP) stock has been in the middle of a strong rally and has clocked gains of much as 19% as a consequence. The stock had come into considerable focus among investors after it made a major announcement back on March 20.
Trading Data
On Friday, IMPP stock fell 4% to $1.72 with 65.29 million shares, compared to its average Friday of 37.38 million shares. The stock moved within a range of $1.5800 – 1.9100 after opening trade at $1.67.
Key Details
At the time the company announced that it had upped the size of its underwritten public offering to as many as 37,500,000 units and set the pricing for the same at $1.60 each. The units are made up of one common share in Imperial and a solitary Class B warrant that entitles the holder to pick up an additional share. The two are going to be separated right after issuance.
The company expects to bring in as much as $60 million in the form of gross proceeds from the offering. However, at the same time, it is important for investors to keep in mind that commissions, offering expenses and discounts are going to be deducted from the sum.
The fresh capital is going to be deployed by the company for capital expenses and also for acquisition of new vessels. It now remains to be seen if the stock continues to add to its gains this week.
Technical Data
IMPP stock is below the 20-Day and 50-Day Moving averages of $2.36 and $1.86 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.10.
