C3is Inc. (NASDAQ: CISS), a ship-owning company providing dry bulk and tanker seaborne transportation services, has closed a public offering that generated approximately $9 million in gross proceeds before fees and expenses. The transaction represents a significant capital infusion for the company as it seeks to expand its operational capabilities in competitive maritime markets. The offering consisted of 7,500,000 units priced at $1.20 per unit, with each unit including one common share or a pre-funded warrant in lieu thereof, along with Class D and Class E warrants. Aegis Capital Corp. acted as the placement agent for the transaction, which was conducted on a reasonable best-efforts basis.
The company intends to use the net proceeds for capital expenditures, including potential vessel acquisitions, working capital and general corporate purposes. This capital raise comes as C3is operates a fleet of four vessels with a total capacity of 213,464 deadweight tons. The company owns three handysize drybulk carriers with a total capacity of 97,664 dwt and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt. The additional funding could enable the company to expand its fleet through strategic acquisitions in either the dry bulk or tanker segments.
The shipping industry has experienced significant volatility in recent years, with fluctuating demand for both dry bulk commodities and crude oil transportation. Companies like C3is that can secure capital during market transitions may be better positioned to capitalize on emerging opportunities. The public offering provides C3is with financial flexibility to pursue growth initiatives while maintaining operational stability. For investors seeking additional information about the company, C3is maintains corporate information at https://c3is.pro/.
The full details of the offering are available through the company's regulatory filings and press release materials. The transaction highlights the continued investor interest in maritime transportation companies despite broader market uncertainties affecting global trade patterns. As shipping companies navigate evolving environmental regulations and shifting trade routes, access to capital becomes increasingly important for maintaining competitive fleets. C3is's successful offering demonstrates investor confidence in the company's strategic direction and management team. The funds will support the company's efforts to potentially modernize its fleet or expand its vessel count in response to market demands.
