Hoping to raise nearly $10 million, leaders at Tulsa’s Empire Petroleum Corporation have extended their deadline to Oct. 24 in a right offering to stockholders. The decision, in part, was the number of requests by company stockholders as a result of the recent disruption caused by Hurricane Milton.
They explained the extension was to allow its stockholders to have more time to consider their participation and arrange finances for the Rights Offering. The Rights Offering is now expected to expire at 5:00 p.m., Eastern Time, on October 24, 2024, subject to extension or earlier termination.
The Company has distributed at no charge to holders of its common stock, par value $0.001 per share, as of the close of business on September 30, 2024, one subscription right for each share of Common Stock held. Each subscription right entitles the holder to purchase 0.063 shares of Common Stock at a subscription price of $5.05 per share per one whole share of Common Stock.
As a result, a stockholder must hold at least 16 shares of Common Stock to receive subscription rights to purchase at least one share of Common Stock. 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 are entitled to over-subscribe for additional shares of Common Stock, subject to proration.
Phil E. Mulacek, Chairman of the Board of Empire, and Energy Evolution Fund, Ltd., the largest shareholders, have indicated that they intend to participate in the Rights Offering and fully subscribe to the shares of Common Stock corresponding to their subscription rights. They have each also indicated that they intend to fully exercise their over-subscription rights to purchase their pro rata share of the underlying securities related to the Rights Offering that remain unsubscribed at the Expiration Date.