Empire Petroleum Completes Fully Subscribed Rights Offering, Raises $2.5mln in Gross Proceeds

Empire Petroleum Corporation announced that its rights offering was fully subscribed, generating approximately $2.5 million in gross proceeds. The offering consisted of units at a subscription price of $0.07367 per unit, with each unit consisting of common stock and a warrant exercisable for additional shares. The warrants will expire on November 18, 2025. The company's chairman, Phil E. Mulacek, also fully subscribed to the securities corresponding to his subscription rights.

Empire Petroleum Corporation (NYSE American: EP) has successfully completed its rights offering, with the subscription period expiring at 5:00 p.m. Eastern Time on August 20, 2025. The company announced that the offering was fully subscribed, generating approximately $2.5 million in gross proceeds [2].

The rights offering consisted of units priced at $0.07367 per unit. Each unit included 0.0139 shares of common stock and one warrant exercisable for 0.0136 shares of common stock at $5.46 per whole share. The warrants are set to expire on November 18, 2025, 90 days after the expiration of the rights offering [1].

Phil E. Mulacek, Chairman of the Board of Empire and one of the company's largest shareholders, participated in the rights offering and fully subscribed to the securities corresponding to his subscription rights. He also fully exercised his over-subscription rights to purchase his pro-rata share of the underlying securities that remained unsubscribed [2].

The rights offering was more fully described in the prospectus supplement filed with the Securities and Exchange Commission (SEC) on July 10, 2025, and supplemented by subsequent prospectus supplements filed on July 24, 2025, July 25, 2025, and August 19, 2025 [1].

References:
[1] https://empirepetroleumcorp.com/empire-petroleum-announces-extension-of-previously-announced-rights-offering-3/
[2] https://www.stocktitan.net/news/EP/empire-petroleum-announces-full-subscription-of-rights-owjfwxailecp.html