C3is Inc. (NASDAQ: CISS) stock soared 37% on Tuesday after the company reported a quarter-over-quarter increase in Q4 revenues and net income.
C3is (NASDAQ: CISS), a leading maritime logistics company, has revealed its unaudited financial and operating results for the fourth quarter, showcasing robust growth in both revenue and net income.
C3is posted revenues of $13.8 million, marking a 36% growth from the previous quarter. The company also reported an increase in net income, reaching $5.6 million, representing a 67% rise compared to the last quarter. Earnings Per Share (EPS) came in at $0.25.
Earlier this month, C3is made headlines with the closure of an underwritten public offering, raising $6.0 million. The offering included 120 million units, each consisting of a common stock or a pre-funded warrant, alongside associated Class C-1 and Class C-2 warrants. The company set the exercise prices for these warrants at $0.075 and $0.085, respectively. They priced the common units at $0.05 each and the pre-funded units at $0.04.
The company aimed to allocate these net proceeds from the offering towards various purposes, including capital expenditures, particularly the remaining $38.7 million payment for an Aframax tanker acquired in July 2023. In addition, the funds will support potential acquisitions of additional vessels, bolster working capital, and address other general corporate needs.
C3is (NASDAQ: CISS) Stock Movement
CISS stock surged 36.65% to close at $0.05 on Tuesday. The traders had exchanged hands with 592,365,206 (592.36 million) shares compared to the average daily trading volume of 17.19 million.
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