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C3is Inc. Executes One-for-2.5 Reverse Stock Split: Key Insights & Impact

$CISS
Form 6-K
Filed on: 2025-01-02
Source
C3is Inc. Executes One-for-2.5 Reverse Stock Split: Key Insights & Impact

Here are the key insights extracted from the provided section of the financial report (Form 6-K) for C3is Inc.:

  1. Reverse Stock Split:
  • C3is Inc. executed a one-for-2.5 reverse stock split of its common stock effective at 11:59 p.m. Eastern time on December 31, 2024.
  • This action reduced the number of outstanding shares from approximately 10.6 million to approximately 4.2 million.
  1. Stock Trading Adjustments:
  • Following the reverse split, the company's shares began trading on a split-adjusted basis on The Nasdaq Capital Market on January 2, 2025.
  • The CUSIP number for the post-reverse split shares is Y18284 151, and they will continue to trade under the symbol CISS.
  1. Impact on Shareholders:
  • No fractional shares were issued; shareholders with fractional shares received a cash payment instead.
  • The reverse split affected all outstanding shares of common stock, including adjustments to any outstanding warrants and Series A Convertible Preferred Stock.
  1. Warrants and Preferred Stock Adjustments:
  • The exercise price of the Class B-1, B-2, C-1, and C-2 Warrants, as well as the conversion price of Series A Convertible Preferred Stock, will be proportionately adjusted.
  • The adjustments will ensure that the aggregate exercise price of the warrants remains unchanged from their original issuance date.
  1. Documentation and Exhibits:
  • A copy of the amendment to the Restated Articles of Incorporation is attached as Exhibit 4.1.
  • The form of the new stock certificate for post-reverse split shares is attached as Exhibit 4.2.
  • A press release titled “C3is Inc. Announces Reverse Stock Split” dated December 30, 2024, is included as Exhibit 99.1.
  1. Registrar Information:
  • The filing is reported by C3is Inc., located at 331 Kifissias Avenue, Erithrea 14561, Athens, Greece.
  • The report was signed by Nina Pyndiah, Chief Financial Officer, on January 2, 2025.

These points summarize the significant changes and adjustments made by C3is Inc. regarding its stock structure and the implications for shareholders and investors following the reverse stock split.