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Investing.com -- Imperial Petroleum Inc (NASDAQ:IMPP) stock fell 3.7% in premarket trading Friday after the shipping company announced a securities purchase agreement with two institutional investors.
The company will sell 9,523,900 shares of common stock (or pre-funded warrants) along with accompanying Class F and Class G warrants at a combined price of $6.30 per share. The warrants will have an exercise price of $6.30, be immediately exercisable, and expire five years after issuance.
The offering is expected to generate approximately $60 million in gross proceeds before commissions and expenses. Maxim Group LLC is serving as the sole placement agent for the transaction.
Imperial Petroleum , which provides petroleum products, crude oil, and drybulk seaborne transportation services, intends to use the net proceeds for working capital and general corporate purposes.
The offering is expected to close on or about December 1, 2025, subject to customary closing conditions. The new shares and warrants represent a significant expansion of the company’s outstanding equity, likely contributing to the negative market reaction.
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