Why These Energy Stocks are Losing This Week

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1. Imperial Petroleum Inc. (NASDAQ:IMPP)

Share Price Decline Between Nov. 26 – Dec. 3: 27.83%

Topping our list of Energy Stocks that Lost this Week is Imperial Petroleum Inc. (NASDAQ:IMPP), an international shipping transportation company specializing in the transportation of various petroleum and petrochemical products in liquefied form.

Imperial Petroleum Inc. (NASDAQ:IMPP) fell heavily on November 28 when the company announced an agreement with two institutional investors to sell over 9.5 million shares of common stock, along with accompanying Class F and Class G warrants, at a combined price of $6.30 per share. The direct offering is expected to raise approximately $60 million in gross proceeds before commissions and expenses, which will be used for working capital and general corporate purposes.

The sharp slump in the share price comes after Imperial Petroleum Inc. (NASDAQ:IMPP) hit a multi-year high last month and reflects investor concerns about stock dilution, especially since the company was debt-free and already had ample cash on hand.

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READ NEXT: 10 Best Renewable Energy Dividend Stocks to Buy Now and 14 Best Utility Dividend Stocks to Buy Now.

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