C3is Inc. (NASDAQ:CISS) shares rose 28.95% to $1.96 in after-hours trading on Wednesday, following a Securities and Exchange Commission filing disclosing that Imperial Petroleum Inc. (NASDAQ:IMPP) owns 81.9% of the company.
C3is and Imperial Petroleum are both Greece-based international shipping and transportation companies.
Imperial Petroleum Reports 9.9 Million Share Position
Imperial Petroleum disclosed beneficial ownership of 9.9 million shares in a SEC filing on Feb. 4.
The filing updates the number of shares beneficially owned following changes in the conversion price of C3is’s 5.0% Series A Cumulative Convertible Perpetual Preferred Stock.
The conversion price was adjusted to $1.5131 following C3is’s 1-for-20 reverse stock split effective Jan. 26 and related adjustments to Class B-1, B-2, C-1 and C-2 warrant exercise prices during an adjustment period that ended on Feb. 2.
Filing Discloses Management Connections
According to the filing, Harry N. Vafias, who serves as chairman, chief executive officer, and president of Imperial Petroleum, is also the non-executive chairman of C3is. He beneficially owns 5,028 C3is shares through Arethusa Properties Ltd. and Flawless Management Inc.
The filing also stated that John Kostoyannis and George Xiradakis serve 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 range of $1.35 to $152.40.
The stock has a Relative Strength Index (RSI) of 22.64.
C3is has faced a challenging 12 months, with its stock falling 98.94%.
The stock is currently trading extremely close to its 52-week low.
The stock's steep decline and weak positioning indicate that any potential recovery would require clear confirmation before investors consider taking significant action.
Price Action: According to Benzinga Pro data, C3is closed on Wednesday at $1.52, down 8.43%.
Benzinga's Edge Stock Rankings indicate that CISS has a negative price trend across all time frames.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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