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Investing.com -- C3is Inc. (NASDAQ:CISS) stock plunged 32.4% in premarket trading Wednesday after the dry bulk and tanker shipping company announced a registered direct offering with institutional investors.
The company has entered into definitive agreements to sell 800,000 shares of its common stock at a price of $2.50 per share, raising approximately $2 million in gross proceeds. The offering represents a significant discount to the previous closing price, triggering the sharp selloff.
C3is said it expects to use the net proceeds from the offering, along with existing cash, for general corporate purposes and working capital. The transaction is expected to close on or about October 9, 2025, subject to customary closing conditions.
Aegis Capital Corp. is serving as the exclusive placement agent for the offering. Goodwin Procter LLP is acting as U.S. counsel to C3is, while Kaufman & Canoles, P.C. is representing Aegis Capital Corp.
The shipping company provides seaborne transportation services through its fleet of dry bulk carriers and tanker vessels. This capital raise comes as the shipping industry continues to navigate volatile market conditions.
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