Empire Petroleum Extends Rights Offering Expiration Date: A Closer Look at the Company's Financial Performance and Valuation

Empire Petroleum has extended the expiration date of its $5.0 million rights offering to July 30, 2025, giving stockholders more time to consider participation. The offering includes $2.5 million from warrant exercises, with stockholders as of July 10, 2025, receiving subscription rights to purchase units at $5.30 each. Chairman Phil E. Mulacek plans to fully participate, indicating confidence in the offering.

Empire Petroleum Corporation (NYSE American: EP) has announced an extension of its subscription rights offering (Rights Offering), providing stockholders additional time to consider their participation. The original Rights Offering, announced on July 24, 2025, aimed to raise gross proceeds of up to $5.0 million, including $2.5 million from the exercise of warrants. The new expiration date is now set for 5:00 p.m. Eastern Time on July 30, 2025 [1].

The Rights Offering allows holders of Empire's common stock, par value $0.001 per share, to purchase units at a subscription price of $5.30 each. Each unit consists of 0.0139 shares of common stock and one warrant exercisable for 0.0136 shares at $5.46 per share. Stockholders must hold at least 72 shares to receive subscription rights for at least one unit [1].

Chairman Phil E. Mulacek has expressed his intention to fully participate in the Rights Offering and over-subscribe for additional units if necessary. This indicates confidence in the offering and its potential benefits for the company [1].

Stockholders who hold their shares directly have received a prospectus, a prospectus supplement, a letter describing the Rights Offering, and a subscription rights certificate. Empire will also provide an additional prospectus supplement regarding updated terms. Those planning to exercise their subscription rights should review all materials, complete the subscription rights certificates, and deliver them to Securities Transfer Corporation, the subscription agent for the Rights Offering [1].

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 supplement filed on July 24, 2025. Further information can be obtained by contacting Securities Transfer Corporation at (469) 633-0101 [1].

References:
[1] https://finance.yahoo.com/news/empire-petroleum-announces-extension-previously-104500864.html