Empire Petroleum announces record date for proposed rights offering

Empire Petroleum announced that its Board of Directors has fixed the close of business on September 30, 2024 as the record date for a subscription rights offering pursuant to which it intends to raise gross proceeds of up to approximately $10M. The company will distribute at no charge to holders of its common stock, as of the close of business on the Record Date one subscription right for each share of Common Stock held. Each subscription right will entitle the holder to purchase 0.063 shares of Common Stock at a subscription price of $5.05 per share. If fully subscribed, this would result in the issuance of an aggregate of approximately 1.98M shares of Common Stock. The subscription rights are non-transferable, and will not be listed for trading on any stock exchange or market. In addition, holders of subscription rights who fully exercise their subscription rights will be entitled to over-subscribe for additional shares of Common Stock, subject to proration. The Rights Offering is expected to expire at 5:00 p.m., Eastern Time, on October 16, 2024, subject to extension or earlier termination