04:53 AM EST, 03/08/2024 (MT Newswires) -- Empire Petroleum ( EP ) said late Thursday that a subscription rights offering has begun with an aim to raise gross proceeds of up to about $25 million.

The company will distribute, at no charge to holders as of March 7, one subscription right for each share of common stock held.

Each subscription right entitles the holder to purchase 0.161 shares. A stockholder must hold at least seven shares to receive subscription rights to purchase at least one share.

The offering is expected to expire on April 3.