Empire Petroleum a stock manipulation? Well read their 10Q and decide for yourself but note the following :-
In March 2021 EMPR issued 3.5m shares for 15cents to PIE (controlled by Mulacek) and issues warrants for 2.625m shares at 20cents, 1.8m shares at 25cents, 8.136m shares at 10 cents, 11.066m shares at 14cents. All 23.627 shares converted for $3.349m. Today worth over $70m
The loan of $16.25m by Energy Evolution (controlled by Mulacek) contains a convertible feature for 5.2m shares at $1.24. Read 9, convertible notes payable. They got another 3million warrants at $1, amended the loan agreement on September 29th (when the stock was at $2) and exchanged $6.5m into 5.305m shares at $1.22 and got another 2m warrants at $1.25. Then Empire New Mexico gives rights to Energy Evolution to buy 600,000 shares at $0.75
During Feb/March 21 a group of investors gets 8,993,858 shares at $0.5
Read 12, Related Party Transactions. Again note that PIE is controlled by Mulacek
The President signs off saying “disclosure controls and procedures were not effective”
Energy Evolution LP and Energy Evolution Master Fund are controlled by Phil Mulacek
Petroleum Independent and Mineral Resources are controlled by Mulacek. Together these entities hold over 44% of Empire and will hold a 50% interest in Empire Texas. Although the 10Q lists PIE with holding 18% of Empire (see above warrant issues) on Bloomberg PIE is listed as holding 2.28% and Phil Mulacek as holding 17.69%. False Disclosure. And most of the employees in the Houston and Singapore offices of Mulacek are listed in the shelf as “ selling shareholders”
Empire itself made an investment in Energy Evolution Ltd (again controlled by Mulacek) but the investment was “terminated” in August 2021. Seems Mulacek just switches money around in related party transactions as he needs to best handle his own interests. And the Board just signs off. They all got huge stock options at 33 cents.
Arkanova, Mulacek’s other company, held assets in Montana. Are these the Montana assets mentioned in the 10Q (Property And Equipment)? EMPR bought these dirt cheap from Arkanova in bankruptcy and then sells at a profit of 1,173,760 to make EMPR look smart and to toast Akva creditors?
This company is obviously totally at the mercy of the Mulaceks who will continue to issue themselves cheap warrants and to deals that benefit PIE, Energy Evolution and Mulacek himself and his cronies to the detriment of the other shareholders
Is a pump and dump coming?
