C3is Inc. (NASDAQ:CISS) shares tumbled 32.4% in premarket trading Wednesday after the dry bulk and tanker shipping company revealed it had entered into definitive agreements for a $2 million registered direct offering with institutional investors.
Under the terms of the deal, C3is will sell 800,000 shares of common stock at $2.50 per share, representing a steep discount to Tuesday’s closing price — a factor that fueled the sharp decline in the stock.
The company said it plans to use the net proceeds from the offering, combined with existing cash, for general corporate purposes and working capital. The transaction is expected to close on or around October 9, 2025, pending standard closing conditions.
Aegis Capital Corp. is acting as the exclusive placement agent for the offering. Goodwin Procter LLP is serving as U.S. counsel to C3is, while Kaufman & Canoles, P.C. is representing Aegis Capital.
C3is, which operates a fleet of dry bulk carriers and tanker vessels providing global seaborne transport services, said the capital raise comes amid continued volatility in the shipping sector as operators navigate shifting market dynamics and freight rate fluctuations.
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