Empire Petroleum launches $10M rights offering at $5.05/share, with largest holders intending to fully participate

EMPIRE PETROLEUM CORP

Registered rights offering of up to 1,980,198 shares at $5.05 each, raising ~$10M.
Stockholders receive one non-transferable right per share held as of Sept 30, 2024; each right buys 0.063 shares.
Rights expire on Oct 16, 2024; oversubscription privilege available for fully subscribing holders.
Chairman Phil Mulacek (20.3% stake) and Energy Evolution Master Fund (31.4%) intend to fully exercise rights and oversubscribe.

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