C3is Inc. Announces Pricing Of $7M Upsized Underwritten Public Offering Of 28M Common Units Or Pre-Funded Unit; The Purchase Price Of Each Common Unit Is $0.25, And The Purchase Price Of Each Pre-Funded Unit Is $0.24
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C3is Inc. (NASDAQ:CISS), a dry bulk and crude oil tanker transportation company, has upsized its underwritten public offering to $7 million from $6 million, offering 28 million Common Units or Pre-Funded Units at $0.25 and $0.24 respectively. The offering includes Class B-1 and B-2 Warrants with exercise prices of $0.375 and $0.425. Proceeds will go towards capital expenditures, including payment for an Aframax tanker, or for acquiring additional vessels, working capital, and other corporate purposes. The offering is set to close on January 23, 2024.
January 19, 2024 | 1:57 pm
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C3is Inc. has increased its public offering to $7 million, with each unit priced below the current market value, including warrants exercisable at a premium. The funds are aimed at financing capital expenditures and potential vessel acquisitions.
The upsized offering indicates a potential dilution of shares, which could put downward pressure on the stock price. However, the capital raised is intended for growth and investment, which could be viewed positively by investors. The impact is likely neutral in the short term as the market balances these factors.
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