C3is Inc. Expands Fleet with Acquisition of Two MR Product Tankers
C3is Inc. announced the expansion of its fleet by entering into two memoranda of agreement for the acquisition of two MR product tankers with an approximate capacity of 50,000 dwt per vessel, both built in South Korea in 2008 and 2011, respectively. The purchase price is $16.88M for the 2008-built tanker and $22.9M for the 2011-built tanker. The vessels are expected to be delivered to the company between the first and third quarters of 2026. Following completion of these acquisitions, the company's fleet will increase by 50% to a total of six vessels and focus on the lucrative tanker sector. It will consist of three Handysize dry bulk carriers and three tankers, an Aframax oil tanker and two MR product tankers. The vessels will be acquired from an entity affiliated with Brave Maritime Corp Inc. The acquisitions were approved by the independent directors of the company, who obtained independent valuations for the vessels and based the respective purchase prices on the average of those valuations. The acquisitions are funded with a one-year interest free loan, pursuant to which the company may elect to pay the entire purchase price of the vessels at any time during the year following the date of the applicable memoranda of agreement.
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C3is Inc. Stock Soars After Reverse Split Implementation
- Reverse Split Implementation: C3is Inc. executed a 1-for-20 reverse stock split on Sunday, leading to a 15.59% surge in after-hours trading to $2.15, despite a 9.71% drop to $1.86 during regular trading, indicating initial market reaction to the split.
- Share Count Reduction: The reverse split reduced outstanding shares from approximately 24.7 million to 1.23 million, with no fractional shares issued, and shareholders compensated in cash, aimed at enhancing per-share value and attracting investor interest.
- Warrant Adjustments: The company’s outstanding warrants and Series A Convertible Preferred Stock will be proportionately adjusted to reflect the reverse split, ensuring investor rights are preserved and potentially boosting market confidence.
- Market Performance Analysis: C3is Inc. has a Relative Strength Index (RSI) of 19.67 and a market capitalization of $1.91 million, with a staggering 98.71% decline in stock price over the past 12 months, currently positioned near its 52-week low, reflecting significant loss of investor confidence.
C3is (CISS) Acquires Two Medium Range Tankers for $39.8 Million, Expanding Fleet by 50%
- Acquisition Announcement: C3is has agreed to acquire two medium range product tankers for a total of $39.8 million, with one tanker priced at $16.88 million and the other at $22.90 million, expected to be delivered between Q1 and Q3 of 2026, thereby expanding its fleet by 50%.
- Fleet Expansion: Following the acquisitions, C3is will increase its fleet to six vessels, comprising three Handysize dry bulk carriers and three tankers, including an Aframax oil tanker, which enhances the company's competitive position in the shipping market.
- Funding Source: The company stated that the acquisitions will be financed through a one-year interest-free loan, ensuring financial flexibility and cost control for the transactions.
- Board Approval: The deals have been approved by C3is's independent directors, reflecting the company's commitment to governance transparency and shareholder interests.
