Imperial Petroleum Inc. (NASDAQ: IMPP) is in focus after announcing the closing of a $40M underwritten public offering for 72.72 million units at $0.55 per unit. Each unit comprises a common share and a Class C warrant to acquire one common share and separated immediately after issuance.
Trading Data
On Thursday, IMPP stock fell 2% to $0.4553 with more than 32.19 million shares, compared to a volume of 49.56 million shares. The stock moved within a range of $0.4301 – 0.4748 after opening trade at $0.4520.
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Imperial Petroleum Announces Closing of $40 Million Underwritten Public Offering
Additionally, the company granted underwriters 45 days option to acquire another 10.909 Class C warrants at the offering price minus underwriting commissions and discounts that the underwrite has partly exercised to buy 10.9 million class C warrants.
The company expects gross proceeds of $40 million before deducting underwriting commission and discounts and offering expenses. The net proceeds from the offering will be used for capital expenses, including acquiring more vessels that the company is yet to identify. The vessel acquisition could include seaborne transport sectors besides crude and product tankers sectors where the company presently operates and for general corporate uses. So, in the coming weeks, investors should keep an eye on IMPP.
Technical Data
IMPP stock is trading below the 20-Day and 50-Day Moving averages of $0.82 and $1.41 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.76.
