Why Imperial Petroleum Shares Are Getting Hammered Today

Imperial Petroleum Inc IMPP shares are trading lower by 36.86% at $0.48 after the company priced its public offering of approximately 72.7 million shares at $0.55 per share.

Imperial Petroleum says the company intends to use the net proceeds of the offering for capital expenditures, including acquisitions of additional vessels that Imperial Petroleum has not yet identified, which may include vessels in seaborne transportation sectors other than the product and crude tanker sectors in which the company currently operates. Net proceeds of the offering may also be used for other general corporate purposes.

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Imperial Petroleum is a provider of international seaborne transportation services to oil producers, refineries and commodities traders.

According to data from Benzinga Pro, Imperial Petroleum has a 52-week high of $9.70 and a 52-week low of $0.40.