Loan & DebtSep 16, 2026, 04:34 PM
Empire Petroleum Issues $3.25M Promissory Note with Conversion Option
AI Summary
Empire Petroleum Corp. has entered into a material definitive agreement by issuing a $3,250,000 Promissory Note to Petroleum Independent & Exploration, LLC. The proceeds will be used for general working capital. The Note matures on March 10, 2028, with an initial interest rate of 6% that escalates to 9% upon default. The holder has the option to convert the principal into Empire Petroleum's common stock at $2.838 per share starting November 9, 2026. The company is also seeking NYSE American approval for the potential issuance of over 1.1 million shares.
Key Highlights
- Empire Petroleum Corp. issued a $3,250,000 Promissory Note to Petroleum Independent & Exploration, LLC.
- The Note matures on March 10, 2028, with an initial interest rate of 6% per annum.
- Post-maturity, the interest rate increases to 9% per annum upon an Event of Default.
- Petroleum Independent & Exploration, LLC can convert the principal into common stock at $2.838 per share starting November 9, 2026.
- The Company will use commercially reasonable efforts to list the potential 1,145,173 underlying shares on NYSE American.
Price Impact
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