Reverse Stock Split Details - The company will implement a one-for-two-and-a-half (1-for-2.5) reverse stock split of its common stock [4] - The reverse stock split will take effect at 11:59 pm Eastern Time on December 31, 2024, with trading on a split-adjusted basis beginning on January 2, 2025 [5] - Every 2.5 issued shares of common stock will be combined into one share, reducing the number of outstanding shares from approximately 10.6 million to approximately 4.2 million [11] - No fractional shares will be issued, and stockholders holding fractions will receive a cash payment based on the closing price of the company’s common stock on Nasdaq on December 31, 2024 [1] Purpose of the Reverse Stock Split - The reverse stock split aims to increase the market price of the company’s common stock to meet the minimum bid price requirement for maintaining listing on Nasdaq [13] Impact on Stockholders - Stockholders with shares held in book-entry form or through a bank, broker, or other nominee will see the reverse stock split reflected in their accounts on or after January 2, 2025 [2] - The company’s outstanding warrants and Series A Convertible Preferred Stock will be proportionately adjusted, increasing the exercise price and reducing the number of shares issuable upon exercise [11] Company Overview - C3is Inc is a ship-owning company providing dry bulk and crude oil seaborne transportation services, owning four vessels with a total fleet capacity of 213,464 deadweight tons (dwt) [10]
C3is Inc. Announces Reverse Stock Split