C3is (CISS) Registration Filing summary

Company overview and business model

• Provides international seaborne transportation services for drybulk and crude oil, operating three drybulk carriers and one Aframax tanker with a total capacity of 213,464 dwt.

• Separated from Imperial Petroleum in June 2023 and operates as an independent, Nasdaq-listed entity.

• Fleet is managed by Brave Maritime, a Greek ship-management company, under a fixed-fee agreement extended through December 2026.

• Plans to expand fleet with high-quality Japanese or Korean-built vessels, potentially including larger drybulk and tanker classes, but has no current acquisition commitments.

Financial performance and metrics

• As of September 30, 2025, pro forma net tangible book value was $29.62 per share, with an adjusted pro forma net tangible book value of $10.43 per share after the offering (assuming no warrant exercises).

• No outstanding bank debt as of the offering; recent equity raises include $2.0 million from institutional investors in October 2025.

• Total capitalization post-offering (assuming maximum sale) would be $89.4 million.

Use of proceeds and capital allocation

• Net proceeds of approximately $8.9 million (assuming full subscription) are intended for capital expenditures, including vessel acquisitions (not yet identified), working capital, and general corporate purposes.

• Management has broad discretion over the use of funds, and actual allocations may vary based on business conditions.