• Imperial Petroleum (NASDAQ:IMPP) has priced public offering of 72,727,272 units at $0.55 per unit, for gross proceeds of ~$40M.
• Each unit consists of one share of common stock and one Class C warrant to purchase one share of common stock, and will immediately separate upon issuance.
• Net proceeds will be used for capital expenditures, including acquisitions of additional vessels which we have not yet identified, which may include vessels in seaborne transportation sectors other than the product and crude tanker sectors in which we currently operate, and for other general corporate purposes.
• Each Class C warrant is immediately exercisable for one share of common stock at $0.55 per share and will expire five years from issuance.
• The offering is expected to close on or about May 19, 2022.
• Underwriters' over-allotment is an additional 10,909,090 shares of common stock and/or 10,909,090 Class C warrants.
• Shares down 45% premarket and over a period of one year it declined around 90%.