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InvestorNewsBreaks — C3is Inc. (NASDAQ: CISS) Closes on $7M Upsized Underwritten Public Offering
January 24, 2024

InvestorNewsBreaks — C3is Inc. (NASDAQ: CISS) Closes on $7M Upsized Underwritten Public Offering

C3is (NASDAQ: CISS), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, has closed on a firm commitment underwritten public offering. The offering will result in gross proceeds For C3is of an estimated $7 million before deductions and expenses. According to the announcement, the offering, which was upsized from $6, million, comprised 28,000,000 common units or prefunded units, with each unit consisting of one share of common stock or prefunded warrant, one-half of a Class B-1 warrant to purchase one common share at an exercise price of $0.375 per share and one Class B-2 warrant to purchase one common share at an exercise price of $0.425 per share. The common units were $0.25 per unit, and the prefunded units were $$0.24 per unit. The company plans to use funds from the offering for capital expenditures, including payment toward the $38.7 million remaining purchase price for the Aframax tanker acquired in July 2023. Funds may also be used for acquisitions of additional vessels. Aegis Capital Corp. acted as the sole book-running manager for the offering, and the company granted Aegis Capital a 45-day option to purchase up to 15% of the number of common shares and/or prefunded warrants sold in the offering, as well as additional warrants representing up to 15% of the warrants sold in the offering solely to cover overallotments, if any.

To view the full press release, visit https://ibn.fm/JLnxL

About C3IS Inc.

C3is is a ship-owning company providing dry-bulk and crude-oil seaborne transportation services. The company owns three vessels: two handy-size, dry-bulk carriers with a total capacity of 64,000 deadweight tons (“dwt”) and an Aframax oil tanker with a cargo-carrying capacity of approximately 115,800 dwt, resulting with a fleet total capacity of 179,800 dwt. For more information about the company, please visit www.C3is.pro.

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