Empire Petroleum Form 4/A: $4M convertible note at $4.32, warrant cut
Rhea-AI Filing Summary
Empire Petroleum (EP) reported an insider transaction by director and 10% owner Phil E. Mulacek. On 09/24/2025, the reporting person acquired a Convertible Note due 2027 with principal of $4,000,000, convertible at $4.32 per share, reflecting 462,962 underlying common shares tied to the initial advances. He also acquired a warrant for 138,889 common shares at an exercise price of $4.32.
On 11/05/2025, the note was amended to increase the conversion price to $4.32 and to provide that this price applies only to the first $2,000,000 already advanced, with any additional advances convertible at a floating price as set forth in the note. The warrant was amended the same day to raise the exercise price to $4.32 and reduce the underlying shares from 281,030 to 138,889. The warrant becomes exercisable after NYSE American approves a supplemental listing application covering the underlying shares.
Positive
- None.
Negative
- None.
Insights
Insider acquired note and warrant; later amended pricing and size.
The reporting person acquired a $4,000,000 Convertible Note due 2027 at a conversion price of $4.32 tied to 462,962 underlying shares for initial advances, and a warrant for 138,889 shares at $4.32. These are derivative positions rather than immediate common stock purchases.
On Nov 5, 2025, the documents were amended: the note’s $4.32 conversion price applies only to the first $2,000,000 advanced, with further advances at a floating price per the note, and the warrant’s exercise price rose to $4.32 while underlying shares were reduced from 281,030 to 138,889.
The warrant is exercisable once NYSE American approves a supplemental listing for the underlying shares. Actual impact depends on future conversions, exercises, and exchange approval.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Convertible Note Due 2027 | 0 | $4,000,000.00 | -- |
| Grant/Award | Common Stock Warrant (Right to Buy) | 138,889 | $0.00 | -- |
Footnotes (1)
- The Convertible Note was amended on November 5, 2025 to increase the conversion price from $4.27 to $4.32, and to provide that the conversion price of $4.32 only applies to the first $2,000,000 already advanced under the Convertible Note. Excludes shares issuable at the election of the Reporting Person upon conversion of any additional advances under the Convertible Note based upon a floating conversion price as set forth in the Convertible Note, as amended. The Warrant was amended on November 5, 2025 to (a) increase the exercise price of the Warrant from $4.27 to $4.32 and (b) reduce the number of shares of common stock of the Issuer underlying the Warrant from 281,030 to 138,889. The Warrant becomes exercisable on the date the NYSE American stock exchange approves a supplemental listing application relating to the shares of common stock of the Issuer underlying the Warrant.
