Reported Friday, Empire Petroleum Announces $10M Rights Offering, Record Date Set for September 30
Portfolio Pulse from Benzinga Newsdesk
Empire Petroleum Corporation (NYSE:EP) announced a $10 million rights offering with a record date set for September 30, 2024. Shareholders will receive subscription rights to purchase additional shares at $5.05 each, with the offering expiring on October 16, 2024.
September 23, 2024 | 7:15 am
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Empire Petroleum is conducting a $10 million rights offering, allowing shareholders to purchase additional shares at $5.05 each. This could lead to stock price volatility as the market reacts to the dilution and potential capital raise.
The rights offering allows existing shareholders to purchase additional shares, potentially leading to stock dilution. However, the capital raised could be used for growth, balancing the impact. The non-transferable nature of the rights may limit market speculation.
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