By C3is, a prominent company in the industry, experienced a significant downturn as its shares dropped by a staggering 67%, reaching a new 52-week low at just 12 cents per share. This decline followed the announcement of a firm commitment underwritten public offering, which generated a total of $7 million in proceeds (excluding underwriting discounts and other estimated expenses).
Originally set at $6 million, the offering was upsized to accommodate 28 million units or pre-funded units. The exercise price for each share was established at 37.5 cents. Notably, these pre-funded warrants can be exercised immediately and will remain valid until all warrants are fully exercised.
With the funds raised from this successful offering, C3is has outlined several objectives. A portion will be allocated towards capital expenditures, ultimately contributing to the payment of the remaining $38.7 million needed to acquire the Aframax tanker, acquired in July. Furthermore, the funds will support working capital and serve other general corporate purposes.
The closing of this substantial offering is scheduled for Tuesday, signifying a potentially transformative period for C3is.
Comments