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TULSA - Empire Petroleum Corporation (NYSE American:EP), a $186 million market cap oil and gas company currently trading near $5.28, announced Monday it has established July 10, 2025, as the record date for its upcoming subscription rights offering aimed at raising up to $5 million in gross proceeds. According to InvestingPro analysis, the company has been quickly burning through cash, highlighting the strategic importance of this capital raise.
The oil and gas company, which operates producing assets across five states, will distribute one subscription right for each share of common stock to shareholders of record. Each right will allow holders to purchase one unit at $5.30, consisting of 0.0139 shares of common stock and one warrant to purchase an additional 0.0136 shares. With a current ratio of 0.48 and moderate debt levels, as identified by InvestingPro, this offering could help strengthen the company’s balance sheet.
If fully subscribed, the offering would result in approximately 471,698 new shares of common stock, with potential for an additional 457,875 shares through warrant exercise. The company expects to raise $2.5 million from warrant exercises as part of the total proceeds.
Shareholders who fully exercise their subscription rights will be entitled to oversubscribe for additional units, subject to proration. The rights offering is scheduled to expire on July 25, 2025, at 5:00 p.m. Eastern Time.
The subscription rights and warrants will not be transferable or listed for trading on any exchange. Securities Transfer Corporation will serve as the subscription agent for the offering.
Empire Petroleum currently operates producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. The company stated in its press release that complete details of the offering will be available in a prospectus supplement to be filed with the Securities and Exchange Commission around the record date. For deeper insights into Empire Petroleum’s financial health and detailed valuation metrics, investors can access additional analysis through InvestingPro, which offers comprehensive financial data and expert insights.
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