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.
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