C3is completes $9 million public offering for vessel acquisitions

C3is Inc. (NASDAQ: CISS) closed a public offering that raised approximately $9 million in gross proceeds before fees and expenses, the Athens-based shipping company announced December 12.

The offering consisted of 7.5 million units priced at $1.20 each. Each unit included one share of common stock or one pre-funded warrant, plus two types of warrants. The Class D Warrants carry an exercise price of $1.20 per share and expire in 60 months, while Class E Warrants have an exercise price of $0.00001 per share.

C3is plans to use the net proceeds for capital expenditures, including potential vessel acquisitions, working capital and general corporate purposes. The company currently operates four vessels: three handysize dry bulk carriers with combined capacity of 97,664 deadweight tons and one Aframax oil tanker with capacity of 115,800 deadweight tons.

Aegis Capital Corp. served as the exclusive placement agent for the transaction. The Securities and Exchange Commission declared the registration statement effective on December 10.

The company provides dry bulk and crude oil seaborne transportation services through its fleet, which has total capacity of 213,464 deadweight tons.

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