C3is Inc. Shares Surge 28.95% Following SEC Filing Disclosing Imperial Petroleum's 81.9% Ownership
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Should l Buy CISS?
Source: Benzinga
C3is Inc. shares surged 28.95% to $1.96 in after-hours trading, crossing above the 5-day SMA, following an SEC filing that revealed Imperial Petroleum Inc. owns 81.9% of the company, indicating a positive market reaction to its ownership structure.
The SEC filing disclosed that Imperial Petroleum beneficially owns 9.9 million shares, reflecting changes in the conversion price of C3is’s 5.0% Series A Cumulative Convertible Perpetual Preferred Stock, adjusted to $1.5131 after a 1-for-20 reverse stock split. This ownership structure may impact future financing strategies and investor confidence, especially given the management ties between the two companies, as Harry N. Vafias, chairman and CEO of Imperial Petroleum, also serves as non-executive chairman of C3is.
Despite the significant price surge, C3is has a market capitalization of only $1.56 million and is trading near its 52-week low, with a Relative Strength Index (RSI) of 22.64 suggesting cautious market sentiment. Investors may need to consider the implications of this ownership structure on future performance and financing strategies.
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Analyst Views on CISS
About CISS
C3is Inc. is a Greece-based entity, incorporated in Marshall Islands, primarily engaged in seaborne transportation services to drybulk charterer for both national and private clients. The Company acts as a holding company and operates through its two subsidiaries. The Company's fleet consists of two handysize drybulk carriers: Eco Bushfire and Eco Angelbay.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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