C3is Inc (CISS)

C3i Inc Stock (CISS) dropped by 13.39% due to the company's announcement of a firm commitment underwritten public offering. C3i Inc. is a ship-owning company specializing in dry bulk and crude oil tanker seaborne transportation services. The public offering is expected to yield gross proceeds of approximately $7.0 million for the company, before accounting for underwriting discounts and other related expenses.

• Upsized Offering Details: Initially planned at** $6.0 million**, the public offering was subsequently upsized. It comprises 28,000,000 Common Units or Pre-funded Units, with each unit consisting of one share of common stock ("Common Share") or a Pre-Funded Warrant. Each unit also includes one half of a Class B-1 Warrant, exercisable at an exercise price of $0.375 per share (or 150% of the Common Unit price), or via an alternative cashless exercise option. Furthermore, one Class B-2 Warrant is included, with an exercise price of $0.425 per share (or 170% of the Common Unit price). Both Class B-1 and Class B-2 Warrants will expire five years from their original issuance date.
• Investors' sentiment: Investors' response to the dilution of shares and concerns about future earnings potential contributed to the stock's drop.