Imperial Petroleum Inc. (IMPP) stock soared 50.57% in the current-market trading session at the price of $0.73 despite no fundamental updates. The last published news was the closure of its public offering worth $12.0M. IMPP is a ship-owning corporation that delivers petroleum products and crude oil seaborne transport services.
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Closure of $12.0M Public Offering
On 3rd February 2022, IMPP announced the closure of its underwritten public offering of 9.6 million units for $1.25 per unit. Each unit was composed of one common share and one Class A warrant to buy each common share. The Class A warrant is exercisable for one ordinary share at $1.25 per share and will expire five years following the issuance. Earlier on 31st January 2022, the company reported the pricing for this public offering.
Additionally, the company had given the underwriter a 45-day alternative to buy an extra 1,440,000 common shares and warrants at the public offering price. The gross proceeds from the offering are estimated to be roughly $12.0M. Imperial Petroleum plans to utilize the net proceeds from the public offering for capital expenses and other general corporate purposes.
IMPP Q3 2021 Financial Results
Earlier on 21st December 2021, IMPP published its financial and operating results for the three and nine months ended 30th September 2021. The company calculated revenue of $4.1M for the Q3 of 2021. It represented a drop of 29.3%, or $1.7M, from $5.8M for the same three months of 2020. Net loss was $0.9M and $0.7M for the Q3 of 2021 and 2020, respectively.
For the nine months of 2021, revenues totaled $13.4M. It is a loss of 8.8%, or $1.3M, compared to $14.7M for the same nine months of 2020. The company calculated a net loss of $2.2M for the nine months ended on 30th September 2021. Net loss was $0.6M for the same nine months of 2020. As of 30th September 2021, IMPP had cash and cash equivalents of roughly $1.4M.
