2023-04-26 09:44:04 ET
Imperial Petroleum ( NASDAQ: IMPP ) -11.5% in early trading Wednesday after saying it will effect a 1-for-15 reverse stock split of the company's common stock, effective at the open of trading April 28.
The move will reduce the number of outstanding common shares from ~248.1M shares to ~16.5M shares.
Imperial Petroleum ( IMPP ) said it believes the reverse split will raise the market price for its common stock and cure the Nasdaq listing deficiency of trading below $1.00/share for 30 consecutive days.
The company also said it has repaid early and in full its sole remaining loan with a $16M outstanding balance from Alpha Bank.
SA analysis: Discussion of Proposed Dry Bulk Carrier Spinoff
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Imperial Petroleum sinks after launching 1-for-15 reverse stock split