Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
22 February 2025 - 8:17AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF
FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number 001-41717
C3IS INC.
(Translation
of registrants name into English)
331 Kifissias
Avenue Erithrea 14561 Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Date: February 21, 2025
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C3IS INC. |
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By: |
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/s/ Nina Pyndiah |
Name: |
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Nina Pyndiah |
Title: |
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Chief Financial Officer |
Exhibit 99.1
REVERSE STOCK SPLIT DISCLOSURE
On December 31, 2024, C3is Inc. (the Company) effected a one-for-two-and-a-half (1-for-2.5)
reverse split of its common stock. The reverse stock split reduced the number of the Companys outstanding shares of common stock from 10,597,634 to 4,239,030, as of December 31, 2024, and affected all issued and outstanding shares of
common stock. No fractional shares were issued in connection to the reverse split. Stockholders who would otherwise hold a fractional share of the Companys common stock received a cash payment in lieu of such fractional share. The par value
and other terms of the Companys common stock were not affected by the reverse stock split. The Companys outstanding warrants were proportionately adjusted to increase the exercise price and reduce the number of shares issuable upon
exercise. The exercise price of the Class B-1, B-2, C-1 and C-2 Warrants, and
accordingly the conversion price of the Series A Convertible Preferred Stock, were further adjusted to $1.3007 per share, the lowest daily volume weighted average price during the period commencing five consecutive trading days immediately
preceding and the five consecutive trading days following the effective time of the reverse split, and the number of shares of common stock issuable upon exercise proportionately increased such that the aggregate exercise price of such warrants as
of their original issuance date remain unchanged.
All share and earnings per share information have been retroactively adjusted to
reflect the stock split and the incremental reduction in the aggregate par value of all issued and outstanding shares of common stock of $63,586 will be reflected as a reduction to Common stock and a corresponding increase in
Additional paid-in capital on the Companys balance sheet as of December 31, 2024. The effect of the reverse stock split on per share amounts and weighted average number of shares of
common stock outstanding for the period from July 25, 2022 to December 31, 2022, the year ended December 31, 2023 and the nine months ended September 30, 2023 and September 30, 2024, are as follows.
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Period from July 25, 2022 To December 31, 2022* |
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Year ended December 31, 2023* |
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Nine Months ended September 2024 |
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Nine Months ended September 2023 |
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Basic earnings/ (loss) per share of common stock |
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43.33 |
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393.20 |
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(4.00 |
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191.81 |
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Diluted earnings/ (loss) per share of common stock |
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18.46 |
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157.69 |
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(4.00 |
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49.31 |
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Basic weighted average number of shares |
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12,731 |
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21,687 |
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1,582,245 |
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18,282 |
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Diluted weighted average number of shares |
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29,874 |
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58,447 |
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1,582,245 |
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75,425 |
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* |
The reported earnings per common share calculations give retroactive effect to the issuance of the common stock
as of July 25, 2022 and January 1, 2023, issued in connection with the spin-off of the Company from Imperial Petroleum Inc. in June 2023. All share information also reflects the 1-for-100 reverse stock split of the Companys common stock effected at 11:59 p.m., Eastern Time, on April 11, 2024. |
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