ATHENS - C3is Inc. (NASDAQ:CISS), a maritime transportation service provider, has set the terms for a public offering expected to raise approximately $6 million before deductions. The offering includes 120 million units, each comprising a share of common stock or a pre-funded warrant, and associated Class C-1 and Class C-2 warrants, with exercise prices of $0.075 and $0.085 respectively.
The company, which operates a fleet including dry bulk carriers and an oil tanker, plans to utilize the net proceeds for various purposes. These include capital expenditures, particularly the payment towards the remaining $38.7 million for an Aframax tanker acquired in July 2023, potential acquisitions of additional vessels, working capital, and other general corporate needs.
The offering price for each common unit is set at $0.05, while pre-funded units are priced at $0.04. Pre-funded warrants will be immediately exercisable and remain so until fully exercised. The closing of the offering is scheduled for March 19, 2024, subject to standard closing conditions.
Aegis Capital Corp. is the sole book-running manager for the offering and has been granted a 45-day option to cover over-allotments, if any. The offering is made by prospectus, details of which will be available on the SEC's website.
This announcement follows the effectiveness of a registration statement filed with the U.S. Securities and Exchange Commission on February 23, 2024. The company advises potential investors to read the prospectus in full for a more comprehensive understanding of the offering and C3is Inc.
The information in this article is based on a press release statement from C3is Inc.
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