Why C3is Shares Are Down 68%

C3is Ord Shs CISS shares are trading lower by 68% to $0.12 during Friday’s session after the company announced the pricing of a firm commitment underwritten public offering. The offering, upsized from $6.0 million to approximately $7.0 million, involves 28,000,000 Common Units or Pre-funded Units.

What Else?

Each unit consists of a Common Share or Pre-Funded Warrant, half of a Class B-1 Warrant, and one Class B-2 Warrant. The purchase prices are $0.25 for Common Units and $0.24 for Pre-Funded Units.

The net proceeds, expected to be used for capital expenditures and potential vessel acquisitions, will contribute to the remaining purchase price of an Aframax tanker acquired in July 2023.

The closing of the offering is set for January 23, subject to customary closing conditions.

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According to data from Benzinga Pro, CISS has a 52-week high of $5.55 and a 52-week low of $0.11.