Imperial Petroleum Inc. (IMPP) stock leaped by a huge 53.45% in the premarket, at the last check on Friday after a Form F-1/A filing with the Securities Exchange Commission (SEC).
In the previous trading session, IMPP remained gloomy with a loss of 10.77% at its close of $1.16. Following the SEC filing, the stock was trading at $1.78 per share at the time of writing, in the premarket.
The international seaborne transportations services provider, Imperial Petroleum Inc. was incorporated in 2021. Currently, its 4.78 million outstanding shares trade at a market capitalization of $6.21 million.
What Happened?
On Thursday, the company filed an amendment to its Form F-1 with the SEC. Given that there is no other official announcement, it seems the stock is gaining as a consequence of yesterday’s filing.
It was only recently that IMPP started trading on Nasdaq. Following its trading commencement on Nasdaq, the stock has suffered some big losses. Presently, the stock stands at a year-to-date loss of 45.79% while it has lost 22.67% in the past five days alone.
IMPP’s Commencement on Nasdaq
On December 03, 2021, the company completed its spin-off from StealthGas Inc. Subsequently, the company commenced trading on the Nasdaq Capital market on December 06, 2021. The company’s common stock and Series A Cumulative Redeemable Perpetual Preferred stock started trading on Nasdaq under the tickers “IMPP” and “IMPPP”, respectively.
Series A Preferred Dividend
On December 16, the company declared a dividend of $0.139757/share approx. on its 8.75% Series A Preferred stock. The dividend payment was related to the Series A Preferred stock’s period from original issuance (December 3) to December 29, 2021. Moreover, the dividend was payable on December 30, 2021, to record holders as of December 27.
On the next day, i.e. December 17, IMPP made a correction to the value of the dividend. The corrected value of the dividend was then declared to be $0.1640625 per share.
IMPP’s Financial Overview
On December 21, the company declared its unaudited financial results for the third quarter of 2021.
In Q3 of 2021, IMPP had revenue of $4.1 million, against that of $5.8 million in the year-ago period. Thus, showing a decline of 29.3% year over year.
Furthermore, the company had a net loss of $0.9 million in Q3 of 2021, against $0.7 million in the year-ago quarter.
