Imperial Petroleum Inc. (IMPP) experienced a decrease of 4.66% in premarket. However, the last trading session closed at $0.66 with a decrease of 8.87%.
About IMPP
Imperial Petroleum Inc. is a shipowner that provides seaborne transportation services for petroleum products and crude oil. With a combined capacity of 255,804 deadweight tons, the company owns three M.R. product tankers and one Aframax oil tanker. On the Nasdaq Capital Market, Imperial Petroleum Inc.’s common stock and 8.75 percent Series A Cumulative Redeemable Perpetual Preferred Stock trade under the symbols “IMPP” and “IMPPP,” respectively.
Closing of $12.0 Million Underwritten Public Offering
On 3rd February 2022, IMPP announced the closure of a $12.0 Million Underwritten Public Offering. Each unit was made up of one common share and one Class A warrant to purchase one common share, and it was split up as soon as it was issued. Moreover, the Company also conferred the underwriter a 45-day option of purchasing up to an additional 1,440,000 common shares, subsidized warrants, and 1,440,000 Class A warrants. Before underwriting reductions and commissions, as well as expected offering costs, the gross proceeds to the Company were approximately $12.0 million.
Third Quarter 2021 Financial Results – Latest News by IMPP
IMPP reported third-quarter 2021 financial results on 21st December 2021. The company announced revenue of $4.1 million. Not only this but voyage expenses and vessels’ operating expenses came out to be $0.7 million and $1.9 million respectively. Moreover, drydocking costs were $0.9 million and EBITDA was around $1.2 million. It’s unclear when COVID-19, the fundamental component that suffocates all economic activity, will start to have a lessening effect on energy demand. From a strategic perspective, the company has the patience to wait while still running the business cautiously, with excellent earnings transparency and a stable capital position as cornerstones.
What’s Next?
IMPP is pleased to report that the spin-off of STEALTHGAS’ four tankers into a new publicly-traded company has been completed successfully. The market has been affected by COVID-19 uncertainties, resulting in lower oil demand and crude shipments this year, which has been difficult for ship owners. Based on the carve-out financial statements generated, the company’s third-quarter performance was really impoverished.
