C3is Inc. Announces Pricing of $6.0 Million Underwritten Public Offering
ATHENS, Greece, March 15, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, today
announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $6.0 million, before deducting underwriting discounts and
other estimated expenses payable by the Company. The offering consists of 120,000,000 Common Units or Pre-funded Units, each consisting of one share of common stock (“Common Share”) or Pre-Funded
Warrant, one half of a Class C-1 Warrant to purchase one Common Share at an exercise price of $0.075 per share (or 150% of the price of each Common Unit sold in the offering) or pursuant to an
alternative cashless exercise option, which warrant will expire on the five-year anniversary of the original issuance date (the "Class C-1 Warrants") and one Class C-2 Warrant to purchase one
Common Share at an exercise price of $0.085 per share (or 170% of the price of each Common Unit sold in the offering) which warrant will expire on the five-year anniversary of the original issuance
date (the "Class C-2 Warrants" and together with the Class C-1 Warrants, the "Warrants"). The purchase price of each Common Unit is $0.05 and the purchase price of each Pre-Funded Unit is $0.04
(which is equal to the public offering price per Common Unit minus $0.01). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until all of the Pre-Funded
Warrants are exercised in full.
The Company intends to use the net proceeds from this offering for capital expenditures, including for payment towards the $38.7 million remaining purchase price for the Aframax tanker we acquired in July 2023, or acquisitions of additional vessels which we have not yet identified, which may include vessels in seaborne transportation sectors other than the drybulk and tanker sectors in which we currently operate, working capital, or for other general corporate purposes, or a combination thereof.
The closing of the offering is expected to occur on March 19, 2024, subject to customary closing conditions.
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In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase up to 15% of the number of Common Shares and/or Pre-Funded Warrants sold in the offering, and/or additional Warrants representing up to 15% of the Warrants sold in the offering solely to cover over-allotments, if any.