C3is Inc Firm Commitment Public Offering
C3is Inc, a prominent ship-owning company specializing in dry bulk and crude oil tanker seaborne transportation services, has concluded a firm commitment underwritten public offering. The offering, which generated gross proceeds of approximately $6.0 million for the company, included 120,000,000 Common Units or Pre-Funded Units, with each unit comprising various components such as common stock, warrants, and Class C-1 and Class C-2 warrants.
C3is Inc Public Offering Market Response
Following the announcement, C3is Inc’s stock experienced a surge in value, opening trading at $0.032 on Tuesday morning. This surge reflects investor confidence in the company’s growth prospects and capital expenditure plans. Notably, trading volume surged, with over 69.4 million shares already exchanged hands, significantly exceeding the daily average volume of 12.76 million shares.
At the time of this publication, C3is Inc stock (CISS) has witnessed a surge.
C3is Inc
Current Price: $0.03
Change : 0.00
Change (%): (3.39%)
Volume: 69.4M
Source: Tomorrow Events Market Data
Utilization of Proceeds
C3is Inc intends to utilize the net proceeds from the public offering for various purposes, including capital expenditures and potential acquisitions of additional vessels. The company plans to allocate funds towards the payment of the remaining purchase price for the Aframax tanker acquired in July 2023, as well as potential acquisitions of vessels in other seaborne transportation sectors. Additionally, the proceeds may be utilized for working capital and other general corporate purposes.
Over-Allotment Option and Participants
In conjunction with the public offering, C3is Inc granted Aegis Capital Corp. a 45-day option to purchase additional common shares, pre-funded warrants, and warrants to cover over-allotments, if any. Aegis Capital Corp. acted as the sole book-running manager for the offering, with Sichenzia Ross Ference Carmel LLP serving as counsel. The successful exercise of the over-allotment option further underscores investor interest and confidence in the company’s growth strategy.
C3is Inc’s successful public offering has bolstered investor confidence and propelled the company’s stock value higher. With plans to utilize the proceeds for strategic initiatives such as capital expenditures and potential vessel acquisitions, C3is Inc remains poised for growth in the competitive maritime transportation industry. As the company continues to execute its strategic roadmap, investors remain optimistic about C3is Inc’s long-term prospects and value creation potential.
