Share price of Imperial Industries doubles

Share price of building material company Imperial Industries, Inc. (IPII) more than doubled amid higher than normal volume of trade. Although there was no immediate news, IPII had on August 21 announced that its loss making subsidiary Just-Rite Supply, Inc. would be liquidated for the benefit of creditors, according to Florida State Law.

Just-Rite Supply was the distribution unit of Imperial Industries, which will retain the manufacturing unit Premix-Marbletite Manufacturing Co. Shares of IPII opened Tuesday at $1.03, and rose to $2.33 by mid-day before coming down partially. The daily volume had crossed half a million by 3:30 PM ET.