C3is Inc. Completes $7.0 Million Upsized Underwritten Public Offering, Bolstering its Ship-Owning Expansion Plans
Athens, GREECE, Jan. 23, 2024 - C3is Inc. (Nasdaq: CISS), a prominent ship-owning company specializing in dry bulk and crude oil tanker seaborne transportation services, has recently concluded a highly successful firm commitment underwritten public offering. The offering, which witnessed an increase from the initial $6.0 million target, has generated gross proceeds of approximately $7.0 million for the Company, before deducting underwriting discounts and other estimated expenses.
The upsized offering comprised of 28,000,000 Common Units or Pre-Funded Units, with each unit being composed of either one share of common stock (Common Share) or a Pre-Funded Warrant. In addition, each unit included one half of a Class B-1 Warrant, entitling the holder to purchase one Common Share at an exercise price of $0.375 per share, or 150% of the price of each Common Unit sold in the offering. Alternatively, the holder can opt for a cashless exercise option. Another component of the unit was the inclusion of one Class B-2 Warrant, enabling the purchase of one Common Share at an exercise price of $0.425 per share, or 170% of the price of each Common Unit sold in the offering. These warrants, collectively known as the Warrants, will expire on the five-year anniversary of the original issuance date.
The offering attracted significant investor interest due to its attractive purchase prices. Each Common Unit was made available at $0.25, while the purchase price of each Pre-Funded Unit was set at $0.24, which equals the public offering price per Common Unit minus $0.01. Notably, the Pre-Funded Warrants offer immediate exercisability and may be exercised at any time until all of them are utilized to their full extent.
This successful funding round is a testament to the strength and potential of C3is Inc. in the maritime industry. With the additional capital injection, the company is well-positioned to bolster its fleet and expand its ship-owning operations, meeting the growing demand for dry bulk and crude oil tanker seaborne transportation services.
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