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Benzinga
Benzinga
Business
Henry Khederian

Here's Why Imperial Petroleum Shares Are Falling

Imperial Petroleum Imperial Petroleum Inc

Imperial Petroleum Inc (NASDAQ:IMPP) shares are trading lower by 36.0% at $1.52 after the company announced a secondary offering. Imperial Petroleum shares fell as much as 45.0% during Monday's pre-market session after the company yesterday announced an upsized public offering of 37.5 million units at $1.60/unit.

The company intends to use the net proceeds of the offering for capital expenditures, including acquisitions of additional vessels which we have not yet identified, and for other general corporate purposes.

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