C3is Inc. (NASDAQ: CISS) shares increased 28.95% to $1.96 in after-hours trading on Wednesday, following a Securities and Exchange Commission filing revealing that Imperial Petroleum Inc. (NASDAQ: IMPP) owns 81.9% of the business.
C3is and Imperial Petroleum are both Greece-based global shipping and transport business.
Imperial Petroleum Reports 9.9 Million Share Position
Imperial Petroleum divulged useful ownership of 9.9 million shares in a SEC filing on Feb. 4.
The filing updates the variety of shares beneficially owned following modifications in the conversion cost of C3is’s 5.0% Series A Cumulative Convertible Continuous Preferred Stock.
The conversion cost was gotten used to $1.5131 following C3is’s 1-for-20 reverse stock split efficient Jan. 26 and associated changes to Class B-1, B-2, C-1 and C-2 warrant workout costs throughout a change duration that ended on Feb. 2.
Submitting Discloses Management Links
According to the filing, Harry N. Vafias, who functions as chairman, president, and president of Imperial Petroleum, is likewise the non-executive chairman of C3is. He beneficially owns 5,028 C3is shares through Arethusa Residences Ltd. and Flawless Management Inc
The filing likewise mentioned that John Kostoyannis and George Xiradakis act as directors of both Imperial Petroleum and C3is.
Trading Metrics, Technical Analysis
C3is has a market capitalization of $1.56 million, with a 52-week variety of $1.35 to $152.40.
The stock has a Relative Strength Index (RSI) of 22.64.
C3is has actually dealt with a difficult 12 months, with its stock falling 98.94%.
The stock is presently trading very near its 52-week low.
The stock’s high decrease and weak placing suggest that any prospective healing would need clear verification before financiers think about taking substantial action.
Rate Action: According to Benzinga Pro information, C3is closed on Wednesday at $1.52, down 8.43%.
Benzinga’s Edge Stock Rankings suggest that CISS has a unfavorable cost pattern throughout perpetuity frames.
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Disclaimer: This material was partly produced with the assistance of AI tools and was examined and released by Benzinga editors.