C3is Inc. Announces Reverse Stock Split
C3is Inc. (NASDAQ: CISS) has announced a one-for-six (1-for-6) reverse stock split effective April 4, 2025. The split will reduce outstanding common shares from approximately 4.2 million to 0.7 million, with trading on a split-adjusted basis beginning on Nasdaq that day.
The company's warrants and Series A Convertible Preferred Stock will be adjusted proportionately. Class B and C Warrants will undergo additional adjustments within five trading days post-split. Stockholders who would receive fractional shares will receive cash payments based on the closing price on April 3, 2025.
The primary objective of this reverse split is to increase the market price of CISS common stock to meet Nasdaq's minimum bid price requirement for continued listing. Stockholders with book-entry shares or holdings through brokers will see changes reflected in their accounts after April 4, 2025.
C3is Inc. (NASDAQ: CISS) ha annunciato un frazionamento azionario inverso di uno a sei (1-per-6) che entrerà in vigore il 4 aprile 2025. Questo frazionamento ridurrà le azioni ordinarie in circolazione da circa 4,2 milioni a 0,7 milioni, con l'inizio delle negoziazioni su base rettificata per il frazionamento su Nasdaq in quella data.
Le opzioni e le azioni privilegiate convertibili di Serie A dell'azienda saranno adeguate proporzionalmente. Le opzioni di Classe B e C subiranno ulteriori aggiustamenti entro cinque giorni di negoziazione dopo il frazionamento. Gli azionisti che riceverebbero azioni frazionarie riceveranno pagamenti in contanti basati sul prezzo di chiusura del 3 aprile 2025.
L'obiettivo principale di questo frazionamento inverso è quello di aumentare il prezzo di mercato delle azioni ordinarie di CISS per soddisfare il requisito di prezzo minimo di offerta di Nasdaq per la continuazione della quotazione. Gli azionisti con azioni registrate o detenzioni tramite broker vedranno le modifiche riflesse nei loro conti dopo il 4 aprile 2025.
C3is Inc. (NASDAQ: CISS) ha anunciado una división de acciones inversa de uno por seis (1-por-6) que entrará en vigor el 4 de abril de 2025. Esta división reducirá las acciones ordinarias en circulación de aproximadamente 4.2 millones a 0.7 millones, con el inicio de las negociaciones en una base ajustada por la división en Nasdaq ese día.
Las garantías de la compañía y las acciones preferentes convertibles de la Serie A se ajustarán proporcionalmente. Las garantías de Clase B y C sufrirán ajustes adicionales dentro de los cinco días hábiles posteriores a la división. Los accionistas que reciban acciones fraccionarias recibirán pagos en efectivo basados en el precio de cierre del 3 de abril de 2025.
El objetivo principal de esta división inversa es aumentar el precio de mercado de las acciones ordinarias de CISS para cumplir con el requisito de precio mínimo de oferta de Nasdaq para continuar con la cotización. Los accionistas con acciones en libro o tenencias a través de corredores verán los cambios reflejados en sus cuentas después del 4 de abril de 2025.
C3is Inc. (NASDAQ: CISS)는 2025년 4월 4일부터 시행되는 1대 6 비율의 주식 분할을 발표했습니다. 이 분할로 인해 발행된 보통주 수는 약 420만 주에서 70만 주로 줄어들며, 해당 날짜에 나스닥에서 조정된 기준으로 거래가 시작됩니다.
회사의 워런트와 A 시리즈 전환 우선주는 비례적으로 조정됩니다. B 및 C 클래스 워런트는 분할 후 5 거래일 이내에 추가 조정을 거칩니다. 분할 주식을 받을 주주들은 2025년 4월 3일의 종가를 기준으로 현금 지급을 받게 됩니다.
이번 비율 분할의 주요 목적은 CISS 보통주의 시장 가격을 높여 나스닥의 최소 입찰 가격 요건을 충족하여 계속 상장되기 위함입니다. 장부에 등록된 주식이나 중개인을 통해 보유한 주주들은 2025년 4월 4일 이후 계좌에서 변경 사항을 확인할 수 있습니다.
C3is Inc. (NASDAQ: CISS) a annoncé une division inversée des actions au ratio d'un pour six (1 pour 6) qui prendra effet le 4 avril 2025. Cette division réduira le nombre d'actions ordinaires en circulation d'environ 4,2 millions à 0,7 million, avec le début des échanges sur une base ajustée en fonction de la division sur le Nasdaq ce jour-là.
Les bons de souscription de la société et les actions privilégiées convertibles de série A seront ajustés proportionnellement. Les bons de souscription de classe B et C subiront des ajustements supplémentaires dans les cinq jours de bourse suivant la division. Les actionnaires qui recevraient des actions fractionnaires recevront des paiements en espèces basés sur le prix de clôture du 3 avril 2025.
L'objectif principal de cette division inversée est d'augmenter le prix de marché des actions ordinaires de CISS pour répondre à l'exigence de prix minimum d'offre de Nasdaq pour le maintien de la cotation. Les actionnaires ayant des actions en compte ou des avoirs via des courtiers verront les modifications reflétées dans leurs comptes après le 4 avril 2025.
C3is Inc. (NASDAQ: CISS) hat eine Umkehraktienaufteilung im Verhältnis eins zu sechs (1 zu 6) angekündigt, die am 4. April 2025 in Kraft tritt. Die Aufteilung wird die ausstehenden Stammaktien von etwa 4,2 Millionen auf 0,7 Millionen reduzieren, wobei an diesem Tag der Handel auf einer nach der Aufteilung angepassten Basis an der Nasdaq beginnt.
Die Warrants und die Serie A der wandelbaren Vorzugsaktien des Unternehmens werden entsprechend angepasst. Die Warrants der Klassen B und C werden innerhalb von fünf Handelstagen nach der Aufteilung zusätzliche Anpassungen erfahren. Aktionäre, die Bruchstücke von Aktien erhalten würden, erhalten Bargeldzahlungen basierend auf dem Schlusskurs am 3. April 2025.
Das Hauptziel dieser Umkehraufteilung ist es, den Marktpreis der CISS-Stammaktien zu erhöhen, um die Mindestgebotsanforderung von Nasdaq für eine fortgesetzte Notierung zu erfüllen. Aktionäre mit Buchaktien oder Beständen über Broker werden die Änderungen nach dem 4. April 2025 in ihren Konten sehen.
- Strategic move to maintain Nasdaq listing compliance
- No action required from shareholders with book-entry shares
- Indicates potential share price weakness requiring artificial support
- Reduced float could impact stock liquidity
- Risk of failing to maintain Nasdaq listing despite reverse split
Insights
C3is Inc.'s announcement of a 1-for-6 reverse stock split represents a critical financial maneuver aimed at maintaining its Nasdaq listing. With the current share price at
The mechanics are straightforward but significant: the outstanding share count will drop from approximately 4.2 million to 0.7 million shares, with a theoretical post-split price of about
What's particularly concerning is the company's micro-cap status with a market capitalization of just
While reverse splits are mathematically neutral events that don't directly change company valuation, they frequently trigger negative market psychology and often precede further share price erosion. The need for such drastic action suggests C3is has exhausted other options for maintaining its listing status.
Investors should recognize this as primarily a compliance maneuver rather than a sign of operational improvement. The company's tiny market capitalization indicates financial resources that may constrain future growth opportunities.
To be effective April 4, 2025
Aiming to meet the minimum bid price requirement for maintaining listing on Nasdaq
ATHENS, Greece, April 02, 2025 (GLOBE NEWSWIRE) -- C3is Inc. (the “Company”) (Nasdaq: CISS) today announced that its board of directors has determined to effect a one-for-six (1-for-6) reverse stock split of the Company’s common stock, par value
The reverse stock split will take effect at 11:59 pm Eastern Time on April 3, 2025, and the Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market (“Nasdaq”) as of the opening of trading on April 4, 2025. The CUSIP number of Y18284 169 will be assigned to the Company’s common stock when the reverse stock split becomes effective.
When the reverse stock split becomes effective, every six (6) of the Company’s issued shares of common stock will be combined into one issued share of common stock, without any change to the par value per share. This will reduce the number of outstanding shares of common stock from approximately 4.2 million shares to approximately 0.7 million shares. The Company’s outstanding warrants and Series A Convertible Preferred Stock will be proportionately adjusted to increase the exercise price and reduce the number of shares issuable upon exercise. With respect to the Company’s Class B Warrants and Class C Warrants, the exercise price and number of shares issuable upon exercise will be adjusted further in an adjustment period ending on the fifth trading day after the effective time of the reverse split pursuant to the terms of such warrants.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fraction of a share of common stock of the Company will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the stockholder would otherwise be entitled, multiplied by the closing price of the Company’s common stock on Nasdaq on April 3, 2025 (as adjusted for the reverse split).
Stockholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the consequence of the reverse stock split reflected in their accounts on or after April 4, 2025. Such beneficial holders may contact their bank, broker, or nominee for more information.
The reverse stock split ratio approved by the board of directors is within the range of ratios for a reverse stock split authorized by the stockholders of the Company.
The purpose of the reverse stock split is to increase the market price of the Company’s common stock. The Company believes that the reverse stock split will increase the market price for its common stock and allow it to satisfy the minimum bid price requirement for maintaining listing on Nasdaq.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements with respect to the C3is Inc.’s ability to maintain compliance with Nasdaq’s continued listing standards and remain listed on Nasdaq or other major stock exchange and other statements that are forward looking. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although C3is Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”) and the following: the strength of world economies and currencies, global market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-dockings, shipyard performance, changes in C3is Inc.’s operating expenses, including bunker prices, drydocking and insurance costs, ability to fund the remaining purchase price for one of our drybulk vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by C3is Inc. with the SEC.
ABOUT C3IS INC.
C3is Inc. is a ship-owning company providing dry bulk and crude oil seaborne transportation services. The Company owns four vessels, three handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting with a fleet total capacity of 213,464 dwt. C3is Inc.’s shares of Common Stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS.”
For further information, please contact:
Company Contact:
Nina Pyndiah
Chief Financial Officer
C3is Inc.
00-30-210-6250-001
E-mail: info@c3is.pro
FAQ
When will the C3is (CISS) 1-for-6 reverse stock split take effect?
How many shares will CISS have outstanding after the reverse split?
What happens to fractional shares in the CISS reverse split?
Why is C3is Inc. implementing this reverse stock split?
