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.
Imperial Petroleum shares are otherwise trading higher by 89.75% over the past month amid continued momentum and an increase in the price of oil. Energy names have been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns.
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Imperial Petroleum is a provider of international seaborne transportation services to oil producers, refineries and commodities traders.
Imperial Petroleum has a 52-week high of $9.70 and a 52-week low of $0.40.
