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C3is Inc. announces the date for the release of the first quarter 2024 financial and operating results
05/23/24 8:00 AM
ATHENS, Greece, May 23, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing seaborne transportation services, announced today that it will release its first quarter financial results for the period ended March 31, 2024 before the market opens in New York on May 28th, 2024.
On May 28th, 2024, at 11:00 am ET, the company’s management will host a conference call to present the results and the company’s operations and outlook.
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the C3is Inc. website (www.c3is.pro).
Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Please note that this will be a listen-only mode presentation.
ABOUT C3is Inc.
C3is Inc. is a ship-owning company providing seaborne transportation services to dry bulk and tanker charterers, including major national and private industrial users, commodity producers and traders.
As at the end of Q1 2024, the Company owned two Handysize dry bulk carriers and an Aframax oil tanker with a total capacity of 179,800 deadweight tons (dwt).
In April 2024, the Company entered into an agreement to acquire a bulk carrier, due to be delivered in Q2 2024. Following this latest acquisition, the total fleet capacity will be 213,464 dwt.
C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”.
Company Contact:
Nina Pyndiah
Chief Financial Officer
C3is Inc.
00-30-210-6250-001
E-mail: info@c3is.pro
$IMPP breached through its 52-week high and it looks like we are headed to the high $4s this week.
Im still holding this sum beach and stand to break even soon, or hold for higher. I'm also long $CISS from around $1.28 and I'm expecting stellar earnings by the end of this month
Thank you for doing the math. If you are accurate then we would have a market cap of around $47 million dollars
I just wonder if our NAV will increase once the $38.7 million gets paid back to Imperial petroleum for the July 2023 purchase of that afromax tanker - or does the present NAV already take into account the ownership of that tanker even though it has yet to be full paid?
From April 16th through today, we traded a total of approximately 57.1 million shares representing approximately $75 million worth of stock exchanging hands
I guess the remaining balance of 38.7 million that's due in July 2024 will be addressed within the confines of our Q1 earnings report.
After 2 very dilutive capital raises in 2024 and a RS that destroyed what little shareholder value that was left, I'm hard-pressed to think that they are going to destroy the stock by issuing a 3rd capital raise to full pay the $38.7 million dollars - but stranger things have happened...
C3is could always obtain a conventional bank loan using it's NAV as collateral.
Obviously none of this has really been verified, confirmed or disseminated by the company as of yet.
C3is needs a portion the $13 million in cash it has as we entered into an agreement to acquire the Bulk Carrier Eco Spitfire for $16.19 million from Brave Maritime, an affiliated company. Payment of 10% of the purchase price ($1.619 million dollars) will be effected within April 2024, with the remaining balance due by the 10th of April, 2025, at the latest.
Separate to that most recent purchase, the company performed its second offering on March 19th whereby it raised an additional $6 million in cash to bring its net cash balance to 13 million dollars. C3is intends to use the net proceeds from this offering for capital expenditures, including for payment towards the $38.7 million remaining purchase price for the Aframax tanker it acquired in July 2023.
So basically, and correct me if I'm wrong but we already know that $1.619 million is out the door but I'm unsure as to what the payment is towards the $38.7million for the 2023 Aframax tanker.
$CISS - according to our CFO, as of April 30th the OS was 5.87 million shares. Now of course that share count has probably been increased by approximately 4 million shares due to warrants exercising, but that is just my estimate.
Getting back to the meat...
At $1.26/sh = a market cap of $7.4 million dollars
CISS generated $5.6 million in earnings in the last quarter of 2023 alone
During Q1 of 2024 we had two equity offerings which produced $13 million in cash bringing our total cash balance to $35.6 million dollars
We have a net asset valuation (NAV) in excess of $50.4 million dollars
These are the reasons why I am long with a $1.28 average and have a price target north of $2/share
Q1 earnings will be out at the end of this month and I anticipate them to be in line or exceeding Q4 earnings
Looks like this turned out to be a total and complete loss.
Sad...
Nina Pyndiah - CFO
3 email addresses to contact her
pyndiah@stealth.gr
pyndiah@brave.gr
Info@c3is.pro
If you wish to reach out to the CEO of the company, his contact information is as follows:
Andriotis Diamantis
dandriotis@stealth.gr
Post RS, the public float resides at approximately 1.9 million shares.
Confirmed short interest resides at 77% of the float or 1.4 million shares
Then we have the digitally counterfeited naked short sales of stock that could be several times the number of shares in the float.
We have q1 earnings coming out in a couple of weeks that could be the potential catalyst to cause one hell of a parabolic short squeeze
I'm long with a $1.29 or so average, holding 16,000 shares
And this is precisely where it was trading in after hours as well
Things are about to heat up here.
I can't even begin to tell you all the due diligence I've been performing elsewhere. Naked open short interest is completely insane. This thing could squeeze up into the $2 range this week easily
Awesome session
LYT +17% today $4.70s and looking real nice for a reversal of trend on this 438,000 floater
Not a chance, although $1.70s are possible
9.5 million shares have changed hands today. Record volume session. I was double fist loading shares @ $1.23 $1.41 $1.45 etc
Tomorrow is the 5th Day post reverse split. It should be very very interesting towards the clothes tomorrow and some really nice action to close out the week.
I can see us trading $2 - $2.30 area by friday
That's the present price right now. I just picked up 3,000 more shares at $1.23 to get my average down to the $1.39 area
Must be nice to have a time machine.
We traded nearly three times the float on Friday.
Hopefully the bottom is in. If not, just need to slowly scale in and within a couple of days, everybody should be at a decent profit (those starting positions in the $1.70s)
You ladies and gentlemen paying attention to what's about to jump off between Iran and Israel tomorrow? If these drones start launching weapons of mass destruction into israel, the entire oil sector is going to skyrocket and this includes the shippers
Yeah I didn't post my particle buy execution and subsequent sell of those shares
I also managed to pick up a much smaller position of only 1,000 shares 3 minutes before the 8:00 p.m. cut off at $1.77
Hopefully they will be a gap up on Monday. Love the volatility on this beaten-down name. Trading RS's on day 1 of the split certainly gets the heart rate going
Back in $1.79 after having sold at over $4 per share when IMPP spun this off.
Imagine if everybody just held? They would need $400 per share to be at break even LOL
So basically I'm back in at $0.0179
Looks like Bradbury is unleashing some of its shares into the market
On March 22, 2024, the Company entered into a Share Purchase Agreement (the "SPA") with Bradbury, subject to the terms and subject to the conditions set forth in the SPA. The investment is for approximately $3 million in gross proceeds at the March 21, 2024, closing price of $0.34. The funds will support general corporate purposes and the Company's advancement of its investigational medicines including IGC-AD1.
The completion of the private placement is subject to customary closing conditions, including approval by the NYSE. Under the terms of the SPA, IGC will issue 8,823,529 shares of common stock. The shares are unregistered and are not immediately tradable.
This has to be one of powerbattles absolute WORST calls in the history of his trading career
Nice assault on the mid to high $3.70s today
Decent volume and the chart is trending up
Tomorrow is Friday and usually we see redness but if not, that bodes very well for a push-through $4 next week and onto higher levels as short sellers begin to take notice
After having traded full-time to help support three separate families since 1995, I was never too fond of the term "watch and learn"
Bid 0
Ask .0001
I'm certain at some point when this ticker reverse merges into something, it may have a little push north...that is, if Jeff Canouse and cohorts take their Nazi boots off the neck of $HVCW shares for a couple days
There's over 400,000,000 of them and barely 5M on the .0001 bid
I recall reading that AMC has enough cash on hand to fund operations until the end of 2024.
Aron did state (in his opinion) that AMC would not seek a restructuring.
I haven't really been following the AMC saga but has there been any formal mention of a reverse split occurring in 2024?
Looks like today's volume has a few eyeballs on this at quite a few places
I may need to average down for the first time so that I can get out of this sooner at less of a loss or perhaps even a break even
Wow... Does anyone know exactly what's going on with this stock? I've been a major bag holder underwater for over a year and would love to reclaim some of my loot back at some point several tiers higher if possible?
I thought this one was as dead as they come
New 52 week high as we approach $4
Looking quite nice as we break out of this cup and handle pattern
Whatever happened when this company offered its artificial bullshit buyout of Redbox?
Wasn't this Trading around $15 or $10 then? How is it now in the $0.15 range? What the hell happened to this company in a nutshell?
I'm assuming they are going to have little choice but to reverse split
This was a really nice swing trade.
I'm my case from $0.0301 to $0.0455 today
I just don't trust this shipper's management team and expect another RS to get it over the $.10 and $1 minimum bid required by NASDAQ
Back in LYT $4.35
You missed out on one hell of a move here
Very active on the forums. I have provided quite a bit of DD as well. Thank you for yours.
No I typically ride things like this down to zero - to be honest
Absolutely loved today's volume. That's the type of volume we've always wanted. Unfortunately it got sold all the way down to half a cent...so we're all fvcked
Ben Quick has yet to meet up with any of his milestone statements. ie: Step #10 on website
Then they were supposed to have a news update by March 10th.
Then they were supposed to have an update last week but...
*Yawn
Today was a definite downer but at least those that wanted out on the reverse split "finding" got out at one hell of a loss.
Too bad our CEO chose to not issue a formal PR to explain what a few here were able to dig out for us on Nevada SOS website and Sunbiz.org
Ben needs to learn from this.