Empire Petroleum fixes March 7 as record date for proposed rights offering

Empire Petroleum announced that its Board of Directors has fixed the close of business on March 7, 2024 as the record date for a subscription rights offering pursuant to which it intends to raise gross proceeds of up to approximately $25M. The Company will distribute at no charge to holders of its common stock, par value 0.1c per share 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 4,132,232 shares of Common Stock at a subscription price of $6.05 per share. 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.