C3is (NASDAQ: CISS) saw its stock value surge by almost 21% on Thursday following the successful closure of a $7.0 million upsized underwritten public offering.
C3is (CISS) has disclosed the conclusion of the underwritten public offering. The gross proceeds accrued to the company from this offering are approximately $7.0 million. This figure is before the deduction of underwriting discounts and other estimated expenses the company is liable to pay.
The offering, initially at $6.0 million, was later increased and included 28 million units. Each unit incorporated one share of CISS stock, half of a Class B-1 Warrant for an additional share, and one Class B-2 Warrant for a CISS share.
C3is plans to allocate the net proceeds from this offering towards capital expenditures. This includes the payment of the remaining $38.7 million purchase price for the Aframax tanker, which the company procured in July 2023. The company may also use the proceeds to buy more vessels, details of which are still undecided. The company may also consider acquiring vessels from maritime sectors beyond its current operations in the dry-bulk and tanker sectors. The firm may also allocate the proceeds towards working capital, various corporate needs, or a mix of both.
C3is (NASDAQ: CISS) Stock Price Action
CISS stock saw a substantial rise of 20.74% on Thursday. The day’s trading saw an exchange of 99.62 million shares, a volume that outstripped the daily average of 2.08 million shares.
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