5 Recent Activist Investor Campaigns

4. Galloway Capital Partners at Imperial Petroleum Inc. (NASDAQ:IMPP)

Activist Campaign: September 2023

Galloway Capital Partners, which holds a 2.3% stake in the petroleum shipping company, has engineered an activist campaign. In a letter, the hedge fund says it is baffled by the timing of a $17 million unit offering priced at $2 a share on August 11. The offering came despite Imperial Petroleum having zero debt and $100 million in cash.

The hedge fund has since reiterated that the funding round only diluted shareholders’ holdings. It has since proposed that the company repurchase recently issued shares to avert the risk of further dilution.

Galloway is also urging the company to consider other strategic options that have the potential to unlock shareholder value. The activist campaign comes on the company’s stock losing nearly half of its value year to date.