C3is (CISS) Registration Filing summary

Company overview and business model

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

• Focuses on time charters and spot voyages, with plans to expand the fleet by acquiring high-quality Japanese or Korean-built vessels, including potential entry into other seaborne sectors.

• Commercial and technical management is outsourced to Brave Maritime, a leading Greek ship-management company, under a fixed-fee agreement.

• Incorporated in the Marshall Islands, with principal executive offices in Athens, Greece, and listed on Nasdaq under the symbol "CISS".

Financial performance and metrics

• As of June 30, 2025, 923,943 common shares were outstanding, with 1,079,208 shares as of August 31, 2025.

• Pro forma net tangible book value per share as of June 30, 2025, after adjustments, was $69.43; after the offering, it would be $19.05 per share.

• The offering is expected to raise approximately $8.9 million in net proceeds, assuming the maximum amount is sold at $3.01 per unit.

• No outstanding bank debt as of the filing; future expansion may involve secured debt.

Use of proceeds and capital allocation

• Net proceeds will be used for capital expenditures, including vessel acquisitions (not yet identified), working capital, and general corporate purposes.

• Management has broad discretion over the application of proceeds, with timing and amounts subject to change based on business conditions.