(NASDAQ:IMPP) dropped 40% in the pre-market today on a $40million dollar offering. Can it Bounce?

Imperial Petroleum Announces Pricing of $40 Million Underwritten Public Offering

ATHENS, Greece, May 17, 2022 (GLOBE NEWSWIRE) — Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced today the pricing of an underwritten public offering of 72,727,272 units at a price of $0.55 per unit. 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. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $40 million.

https://www.globenewswire.com/news-release/2022/05/17/2444462/0/en/Imperial-Petroleum-Announces-Pricing-of-40-Million-Underwritten-Public-Offering.html