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Stock impact report

Empire Petroleum Announces Full Subscription of Rights Offering [Yahoo! Finance]

Empire Petroleum Corporation (EP) 
Company Research Source: Yahoo! Finance
with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today its previously announced rights offering (the "Rights Offering") was fully subscribed. The subscription period for the Rights Offering expired at 5:00 p.m., New York City time, on April 10, 2024. The Company received subscriptions for more than 100% of the shares available in the Rights Offering. Accordingly, stockholders will receive their basic subscription privilege but, because there are not enough shares to satisfy all oversubscriptions, remaining shares will be allocated pro-rata, after eliminating all fractional shares, among oversubscribing stockholders. As previously indicated, our largest stockholders, Phil E. Mulacek, Chairman of the Board of the Company, and Energy Evolution Master Fund, Ltd., a Cayman Islands exempted company, participated in the Rights Offering and fully subscribed to the shares of common stock corresponding to their subscription rights, as well Show less Read more
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