Following a major announcement from the company the Imperial Petroleum Inc (NASDAQ:IMPP) stock had emerged as a major gainer on Monday and ended the day with gains of as much as 14.50%.
Trading Data
On Monday, IMPP stock moved up 14.50% to $0.7650 with more than 38.70 million shares, compared to its average volume of 47.23 million shares. The stock moved within a range of $0.6600 – 0.8900 after opening trading at $0.6810.
Imperial Petroleum Announces Pricing of $40 Million Underwritten Public Offering
The company came into focus after it announced that it had finally priced its underwritten offering of 72,727,272 units. The pricing of the units had been set at $0.55 each. The announcement may have come as a source of excitement for investors and that was possibly the reason behind the strong rally in the Imperial stock.
Each unit that is going to be offered by the company is going to be made up of one common share unit and a Class C warrant that is going to entitle the holder to one additional share of the Imperial common stock. As soon as the units are issued, the common share and the warrant are going to be separated.
The company expects to raise as much as $40 million in the form of gross proceeds from the offering. However, it ought to be noted that offering expenses, commissions and related discounts are going to be deducted from the particular sum eventually.
Technical Data
IMPP stock is trading below the 20-Day and 50-Day Moving averages of $0.94 and $1.72 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.79.
