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.
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
[email protected]
InvestorWire is powered by IBN