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C3is Inc (CISS) Announces Pricing of $5 Million Public Offering

June 30, 2023 9:15 AM EDT
(Updated - June 30, 2023 9:16 AM EDT)

C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk seaborne transportation services, announced today that it has entered into a securities purchase agreement with a single institutional investor to purchase 4,765,000 units at a price of $1.05 per unit containing a common share and a price of $1.04 per unit containing a pre-funded warrant in lieu of a common share. Each unit consists of one common share (or pre-funded warrant in lieu thereof) and one Class A warrant to purchase one common share, and will immediately separate upon issuance. The gross proceeds of the offering to the Company, before discounts and commissions and estimated offering expenses, are expected to be approximately $5.0 million.

Each Class A warrant is immediately exercisable for one common share at an exercise price of $1.05 per share and will expire five years from issuance. The offering is expected to close on or about July 5, 2023, subject to customary closing conditions.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-272939) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”) on June 30, 2023. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus relating to this offering, when available, may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.



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