Imperial Petroleum (NASDAQ: IMPP) drops figurative Anvil on Recovery Rally

Imperial Petroleum (NASDAQ: IMPP) drops figurative Anvil on Recovery Rally

(24/7 MARKET NEWS) After rallying to as high as $1.04, in this morning’s premarket action, from its late May low of $0.38, Imperial Petroleum Inc. (Nasdaq: IMPP) announced that it entered into agreements with existing holders of its Class B Warrants, previously issued in an underwritten public offering that closed in March 2022, wherein the investors agreed to purchase an aggregate of 31,150,000 shares of common stock for cash, at an exercise price reduced by the Company from $1.60 per share to $0.70 per share.

Imperial Petroleum is trading lower on the news in this morning’s premarket at $0.61, down $-0.27 (-30.73%), on 33,540,520 shares traded.

After deducting estimated expenses and fees, Imperial Petroleum expects to clear approximately $20.9 million, so, as soon as the reactionary anger dissipates, it should return to rally mode.

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