Imperial Petroleum Inc. (IMPP) owns the ships and is one of the largest providers of crude oil and petroleum products. The Company possesses one Aframax oil tanker and three M.R. product freighters with an aggregate capacity of transporting 255,804 deadweight tons.
The price of IMPP stock during the regular trading on January 31, 2022, was last checked to be $1.07 with a dip of 50.9%.
IMPP: Events and Happenings
On January 31, 2022, IMPP reported about its upsized underwritten public offering pricing of 9,600,000 cohorts consisting of one common share and one Class A warrant. The public offering price is $1.25 per cohort. The resultant net proceeds from the offering are anticipated to be up to $12.0 million. The Company aims to utilize the gross proceeds for general corporate purposes.
IMPP: Key Financials
On December 21, 2021, IMPP reported its financial results for the third quarter ended September 30, 2021. Some of the key points are as follows.
Revenue
Revenue in the third quarter of 2021 was $4.1 million compared to $5.8 million for the same period of 2020. The company’s revenue showed a decline of 29.3% or $1.7 million over the year.
Net Loss
Net loss in Q3 2021 was $0.9 million compared to $0.7 million in the same period of 2020.
Assets
Total current assets reported for the company in Q3 2021 were $3.65 million.
IMPP: CEO Comments
Speaking at the occasion, CEO of IMPP Harry Vafias stated that 2021 had been tough for the company due to uncertainty associated with pandemics resulting in reduced oil and crude exports. He took responsibility for the company’s poor performance in the quarter with a net loss of $1 million. He was also optimistic that the company had the patience to wait until good days.
On December 16, 2021, IMPP reported a dividend, paid by December 30, 2021, of $0.13 per share on the company’s 8.75% Cumulative Redeemable Preferred Stock.
On December 3, 2021, IMPP reported about its spin-off completion from StealthGas Inc. The Company’s shares of common stock started trading on the Nasdaq Capital Market on December 6, 2021.
Conclusion
IMPP stock performance lessened by 85% from the past few months as the economic conditions are on the declining verge due to pandemics. The current dip in the stock is likely the outcome of the recent statement of pricing of the upsized public offerings.
