C3is Plans Second Reverse Split This Year, 1-for-5, After August's 1-for-40
CISS is trading near its 52-week low of $0.46 (6.8% above the low) on light trading volume (0.1× avg).
Summary
C3is will do another reverse stock split, 1-for-5, taking effect 11:59 pm ET November 8 and cutting outstanding shares from about 4.2 million to about 0.84 million, with trading split-adjusted November 9, roughly two and a half months after completing a 1-for-40 reverse split on August 19 that cut shares outstanding to about 1.44 million. A second reverse split this soon means the share count is being compressed again to hold the Nasdaq minimum bid, with the stock at $0.4914. The company is already running a $98M at-the-market program, so the split most likely clears the way for more share issuance rather than reflecting improving fundamentals. Q2 revenue was $24.0M, up 124%, but the September 6-K flagged $39.8M in vessel payments due January, which is the cash need behind continued dilution.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — C3is's 1-for-5 reverse split takes effect 11:59 pm ET November 8, cutting outstanding shares from about 4.2 million to about 0.84 million, with trading split-adjusted November 9.
At the time of this announcement, CISS was trading at $0.49 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $730.9K. The 52-week trading range was $0.46 to $11,829.44. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.