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C3is Inc. - $CISS STOCK NEWS

Welcome to our dedicated page for C3is news (Ticker: $CISS), a resource for investors and traders seeking the latest updates and insights on C3is stock.

C3is Inc. (NASDAQ: CISS) is a provider of international seaborne transportation services, catering to dry bulk charterers including major national and private industrial users, commodity producers, and traders. Based in Athens, Greece, C3is Inc. was founded in 2021 and operates a fleet comprising two Handysize dry bulk carriers and an Aframax oil tanker, with a combined cargo capacity of approximately 179,800 deadweight tons (dwt).

Specializing in the transportation of major bulks such as iron ore, coal, and grains, as well as minor bulks like bauxite, phosphate, and fertilizers, C3is Inc. has emerged as a reliable partner in the maritime industry. The company generates revenue through short-term time charter contracts for its Handysize bulk carriers, which currently earn daily charter rates between $13,000 and $14,000. Additionally, the Aframax oil tanker, operating in the spot market, captures robust spot rates exceeding $40,000 per day.

C3is Inc. recently expanded its fleet with the acquisition of an Aframax tanker in July 2023, highlighting its commitment to growth and diversification. The company plans to use the proceeds from a $6.0 million underwritten public offering to fund capital expenditures, including payments towards the new tanker, acquire additional vessels, and for general corporate purposes.

Financially, the company has demonstrated solid performance. In Q4 2023, C3is Inc. achieved revenues of $13.8 million and a net income of $5.6 million, reflecting increases of 36% and 67% respectively from the previous quarter. The company's strong cash balance of $35.6 million and absence of bank debt position it well for future growth.

In terms of corporate governance, the company has recently announced a one-for-one hundred reverse stock split to increase the market price of its common stock, aiming to meet the NASDAQ continued listing requirements. C3is Inc. remains focused on maintaining compliance with regulatory standards, ensuring sustainable growth, and delivering value to its shareholders.

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C3is Inc. (CISS) receives an additional 180-day compliance period from Nasdaq to regain bid price compliance, with a deadline of August 19, 2024. The company must maintain a bid price of $1.00 per share for 10 consecutive trading days to meet the requirement. Failure to do so may lead to delisting.
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Aegis Capital Corp. served as the sole bookrunner for an upsized $7.0 million underwritten public offering for C3is Inc. (NASDAQ:CISS) on January 24, 2024.
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C3is Inc. (Nasdaq: CISS) announced a firm commitment underwritten public offering with gross proceeds of approximately $7.0 million. The offering was upsized from $6.0 million and consisted of 28,000,000 Common Units or Pre-Funded Units. The Company intends to use the net proceeds for capital expenditures, acquisitions of additional vessels, working capital, or other general corporate purposes.
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C3is Inc. (CISS) announced the pricing of a firm commitment underwritten public offering with gross proceeds expected to be approximately $7.0 million, before deducting underwriting discounts and other estimated expenses. The offering was upsized from $6.0 Million and consists of 28,000,000 Common Units or Pre-funded Units. The Company intends to use the net proceeds for capital expenditures, payment towards the remaining purchase price for a tanker acquired in July 2023, acquisitions of additional vessels, working capital, or other general corporate purposes. The closing of the offering is expected to occur on January 23, 2024, subject to customary closing conditions.
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C3is Inc. (Nasdaq: CISS), a ship-owning company, announced its unaudited financial and operating results for Q3 2023. Key highlights include a 378% increase in net revenues, a 1,637% increase in EBITDA, and a net income of $3.3 million. The company's fleet operational utilization was 98.5% and it reported cash & cash equivalents of $8.9 million. C3is plans to finance its $38.7 million financial liability with cash on hand, net cash from operations, and proceeds from equity offerings.
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C3is Inc. will release its Q3 financial results on November 3rd, 2023. The company will host a conference call at 11:00 am ET to present the results and outlook. A live and archived webcast will be available on the company's website.
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C3is Inc. reports unaudited financial results for Q2 2023, with net income of $0.4 million for six months ended June 30, 2023. Fleet operational utilization at 90.1%. Acquired Aframax oil tanker, Stealth Berana, for $43 million. Estimated NAV at $24.13 million, 600% premium over market capitalization.
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C3is Inc. to release Q2 and six months financial results on September 1st, 2023, with a conference call to follow.
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C3is Inc. (Nasdaq: CISS) received notification from Nasdaq that it is not in compliance with the minimum $1.00 per share bid price requirement for continued listing. The grace period to regain compliance is 180 days. The company intends to monitor the stock price and consider options to regain compliance. If the stock price is $1.00 or higher for ten consecutive days during the grace period, the deficiency can be cured. The company's business operations are not affected.
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C3is Inc. has entered into an agreement to acquire the M/T Stealth Berana, an Aframax oil tanker, for $43 million. The vessel has a cargo carrying capacity of approximately 115,800 dwt. The transaction was approved by the Company's audit committee. The estimated Net Asset Value (NAV) of C3is Inc. is $26.66 million, representing a 370% premium over its current market capitalization. The acquisition is expected to enhance the Company's cashflow and earnings.
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FAQ

What services does C3is Inc. provide?

C3is Inc. provides international seaborne transportation services for dry bulk and crude oil, catering to major industrial users, commodity producers, and traders.

How large is the fleet of C3is Inc.?

C3is Inc. owns two Handysize dry bulk carriers and an Aframax oil tanker, with a total cargo-carrying capacity of approximately 179,800 deadweight tons (dwt).

What are the recent financial highlights of C3is Inc.?

In Q4 2023, C3is Inc. achieved revenues of $13.8 million and a net income of $5.6 million. The company has a strong cash balance of $35.6 million and no bank debt.

What was the purpose of the recent public offering by C3is Inc.?

The $6.0 million underwritten public offering will be used for capital expenditures, including payments towards the newly acquired Aframax tanker, acquiring additional vessels, and general corporate purposes.

How is C3is Inc. ensuring compliance with NASDAQ listing requirements?

C3is Inc. has announced a one-for-one hundred reverse stock split to increase the market price of its common stock, aiming to meet NASDAQ's continued listing requirements.

What are the primary cargo types transported by C3is Inc.'s fleet?

The fleet primarily transports major bulks such as iron ore, coal, and grains, as well as minor bulks including bauxite, phosphate, and fertilizers.

What are the current charter rates for C3is Inc.'s vessels?

C3is Inc.'s Handysize bulk carriers earn daily charter rates between $13,000 to $14,000, while the Aframax oil tanker in the spot market captures spot rates exceeding $40,000 per day.

What is the company’s growth strategy?

C3is Inc. aims to expand and diversify its fleet, capitalizing on promising charter rate environments and maintaining a strong financial position to fund selective vessel acquisitions.

Where is C3is Inc. headquartered?

C3is Inc. is headquartered in Athens, Greece.

How can investors obtain more information about C3is Inc.?

Investors can visit the company's website at www.c3is.pro or contact the company directly via email at info@c3is.pro.

C3is Inc.

Nasdaq:CISS

CISS Rankings

CISS Stock Data

7.91M
79.02k
1.23%
0.05%
2.13%
Deep Sea Freight Transportation
Transportation and Warehousing
Link
United States of America
Athens