Shares in Harry Vafias-led Imperial Petroleum plunged more than 35% in trading on the Nasdaq on Friday morning after the company engaged in a highly discounted stock offering led by investment bank Maxim Group.
The New York-listed spinoff of Vafias’ StealthGas announced earlier on Friday that it had sold $17m-worth of shares to “insitutional investors” through Maxim at a price of $2 each.
