Why Is IMPP Stock Down 10% Today?

Imperial Petroleum (IMPP) shares fell by more than 10% in early trading on Friday after the company announced pricing for its direct registered offering.

According to the company, the gross proceeds from the offering are expected to be approximately $60.0 million.

Imperial Petroleum stated ​​it has entered into a securities purchase agreement with two institutional investors for the sale of over 9.52 million shares of its common stock and accompanying Class F warrants to purchase up to 9.52 million shares of common stock and Class G warrants to purchase the same quantity of common stock at a combined purchase price of $6.30 per share and accompanying warrants.

The Class F and Class G warrants will have an exercise price of $6.30 and will be immediately exercisable. The warrants will expire five years following the date of issuance.

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Also See: WLDS Stock Gains Premarket On Securing $5.7M Through Warrant Inducement Deal

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