C3is Prices Public Offering of 11.5 Million Units
C3is (CISS) said Monday it has priced an underwritten public offering of 11.5 million units at $0.52 per unit, with each unit consisting of one common share or a pre-funded warrant and one Class F warrant.The seaborne transportation provider expects approximately $6 million in gross proceeds and anticipates closing the transaction on or about July 28, subject to customary closing conditions, the company said.The one-year Class F warrants carry an initial $0.52 exercise price, subject to downward adjustments on the second and fifth trading days following the closing; they also include a zero-cash exercise option, C3is said.Sole book-running manager Maxim Group has been granted a 45-day option to acquire up to 908,765 additional common shares or warrants, the company added.Shares of the company were down nearly 76% in Monday trading.Price: $0.12, Change: $-0.40, Percent Change: -77.74%
