Empire Petroleum (EP) said Thursday it has extended the expiration date of its subscription rights offering to raise up to about $10.0 million to Oct. 24 from Oct. 16 previously.
The firm said the extension is to allow its stockholders to have more time to consider their participation and arrange finances for the rights offering. It also pointed to requests by stockholders due to the recent disruption caused by Hurricane Milton.
The company said it distributed one subscription right for each share of the company, with each right entitling the holder to buy 0.063 shares at $5.05 per share per one whole share. As a result, a stockholder must hold at least 16 shares to receive subscription rights to purchase at least one share.
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