Empire Petroleum Extends Rights Offering, Clarifies Unit Subscription Price

Empire Petroleum has extended the expiration date of its previously announced subscription rights offering to August 18, 2025. The company is distributing one subscription right for each share of common stock held as of July 10, 2025. Each subscription right allows holders to purchase one unit at a subscription price of $0.07367 per unit, consisting of 0.0139 shares of common stock and one warrant exercisable for 0.0136 shares at $5.46 per whole share. The rights and warrants are non-transferable.

Empire Petroleum Corporation (NYSE American: EP) has extended the expiration date of its previously announced subscription rights offering. The new deadline is set for 5:00 p.m. Eastern Time on August 18, 2025. This extension provides shareholders more time to consider their participation and arrange finances for the offering.

The company is distributing one subscription right for each share of common stock held as of July 10, 2025. Each subscription right allows holders to purchase one unit at a subscription price of $0.07367 per unit. Each unit consists of 0.0139 shares of common stock and one warrant exercisable for 0.0136 shares at $5.46 per whole share. The rights and warrants are non-transferable and will not be listed for trading on any stock exchange or market.

Holders of subscription rights who fully exercise their subscription rights are entitled to over-subscribe for additional units, subject to proration. For example, if a shareholder owns 100 shares of common stock on the record date, they will be granted subscription rights to purchase an aggregate of 1.39 shares of common stock and warrants exercisable for 1.36 shares at the subscription price. If entitled to receive a fraction of a share, the number of shares will be rounded down to the nearest whole number.

Phil E. Mulacek, Chairman of the Board of Empire and one of the Company’s largest shareholders, has indicated his intention to participate in the Rights Offering and fully subscribe to the units corresponding to his subscription rights. He also plans to fully exercise his over-subscription rights to purchase his pro-rata share of the underlying securities related to the Rights Offering that remain unsubscribed at the Expiration Date.

Holders of subscription rights who hold their shares directly have received a prospectus, a prospectus supplement, a letter from Empire describing the Rights Offering, and a subscription rights certificate. Empire will also provide an additional prospectus supplement regarding the updated terms noted in this news release. Those intending to exercise their subscription rights and over-subscription rights should review all materials, properly complete and execute the subscription rights certificates, and deliver them to Securities Transfer Corporation, the subscription agent for the Rights Offering.

The Rights Offering is more fully described in the prospectus supplement filed with the Securities and Exchange Commission (SEC) on July 10, 2025, as supplemented by the prospectus supplements filed with the SEC on July 24, 2025 and July 25, 2025. A copy of the prospectus, prospectus supplements or further information with respect to the Rights Offering may be obtained by contacting Securities Transfer Corporation, the subscription and information agent for the Rights Offering, at (469) 633-0101.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

References:
[1] https://www.stocktitan.net/news/EP/empire-petroleum-announces-extension-of-previously-announced-rights-px3lkbopw1cz.html
[2] https://www.businesswire.com/news/home/20250725482094/en/Empire-Petroleum-Announces-Extension-of-Previously-Announced-Rights-Offering-and-Clarifies-Unit-Subscription-Price