C3is shares are trading lower after the company announced pricing of its $7 million upsized underwritten public offering.
Portfolio Pulse from Benzinga Newsdesk
C3is shares are trading lower following the announcement of a $7 million upsized underwritten public offering, which typically dilutes existing shareholders' equity.
January 19, 2024 | 3:32 pm
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C3is, likely represented by the ticker CISS, has announced a $7 million upsized underwritten public offering, leading to a decline in its share price due to potential equity dilution.
The announcement of an upsized public offering often leads to a decrease in share price in the short term due to the dilution of existing shares. Investors may react negatively to the dilution of their equity, causing a sell-off.
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