Why Imperial Petroleum (IMPP) Stock Is Getting Obliterated

Imperial Petroleum Inc IMPP shares are trading lower by 34.7% to $1.66 during Friday's session after the company announced the pricing of approximately $17 million of its units in a registered direct offering at a price of $2 per unit.

Each unit includes one common stock share (or pre-funded warrant) and one warrant for another share. Maxim Group LLC is the exclusive placement agent. The offering is expected to close around August 15.

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Additionally, Imperial Petroleum on Thursday reported second-quarter  earnings of $1.46 per share. The company reported $59.04 million in sales this quarter. This sales figure is a 420% increase over sales of $11.35 million in the same period last year.

According to data from Benzinga Pro, IMPP has a 52-week high of $7.63 and a 52-week low of $1.62.