On February 28, Imperial Petroleum Inc. (IMPP) stock had increased by 16.67% in the premarket, at the last check. The stock had already added a good 33.76% in the previous trading session on Friday. IMPP seems to be continuing its previous uptrend while there is no official announcement or SEC filing behind the move.
During Friday’s regular session, the stock traded heavily at 1,097% of its average volume. During the session, the stock varied between $1.38 and $2.24. IMPP had a value of $2.10 at the close of the regular session while 132.79 million shares exchanged hands. The stock has so far continued its bullish momentum into the premarket. At the time of writing, IMPP was trading at a value of $2.45 per share in the premarket, on Monday.
Incorporated in 2021, the Greece-based company, Imperial Petroleum Inc. has a market capitalization of $30.19 million. Currently, the company has 14.38 million shares outstanding in the market.
What is happening?
IMPP stock has been bullish since it plunged to a low of $0.4810 on February 18, 2022. With no official news or SEC filing from the company, external factors seem to be at play. The company shares seem to be under a coordinated short squeeze due to active investors on social media platforms. Moreover, with the escalating conflict between Russia and Ukraine, oil and energy-related stocks have remained very active. Additionally, the oil supply cut-off, various sanctions, and the impact of global trade have caused a huge move in energy prices.
Therefore, IMPP stock has added a mammoth value of over 328% in the past five days alone. The stock has added 114.29% in the past month while losing a mild 1.87% year to date.
IMPP’s $12M Public Offering
On January 31, the company announced an upsized underwritten public offering of 9,600,000 units at $1.25 per unit. Each unit consisted of a common share and a Class A warrant to buy a common share, separable upon issuance.
On February 02, IMPP announced the successful closing of the offering for gross proceeds of $12.0 million approximately. The net proceeds from the offering were intended for capital expenditure and general corporate purposes.
IMPP’s Financial Overview
In the third quarter of 2021, IMPP’s revenue declined by 29.3% YOY to $4.1 million.
Furthermore, the company had a net loss of $0.9 million with an adjusted EBITDA of $1.2 million in Q3 2021.
