C3is Announces Agreement to Acquire One Aframax Oil Tanker, and Estimated Net Asset Value Premium at 370% Over Market Capitalization
17 Julio 2023 - 8:15AM
C3is Inc. (Nasdaq:CISS) (the “Company”) announced
today that it has entered into an agreement to acquire for $43
million the M/T Stealth Berana, an Aframax oil tanker, built at
Samsung shipyard, South Korea in 2010, with a cargo carrying
capacity of approximately 115,800 dwt, from Imperial Petroleum Inc.
Payment of 10% of the purchase price has been
effected, with the remaining balance due within one year following
the vessel’s delivery, which took place on the 14th of July . The
vessel is currently trading in the spot market.
The transaction with Imperial Petroleum Inc.,
which is an affiliated company, was approved by the Company’s audit
committee comprising of independent
directors.
Net Asset Value (“NAV”)
As of July 14, 2023, the Company’s management
estimated C3is Inc’s Net Asset Value (“NAV”) to be $26.66 million,
which represents approximately a 370% premium over its current
market capitalization.
This translates into a NAV of $3.36 per common
share currently outstanding (including exercise of all pre-funded
warrants), $2.49 per common share on a diluted basis (further
assuming exercise of all outstanding Class A warrants for cash) and
$1.73 per common share on a fully diluted basis (further assuming
conversion of $15 million Series A Convertible Preferred
Shares).
The estimated NAV represents a snapshot in time as
of July 14, 2023; the figure will likely change and does not
represent the amount a stockholder would receive now or in the
future for his or her shares of the Company’s common stock. This
NAV is based on recent charter-free vessel values and cash as of
July 14, 2023, and does give effect to the acquisition of the
Aframax oil tanker.
CFO, Dr. Diamantis Andriotis
commented:
"We are pleased to announce the acquisition of the
M/T Stealth Berana as we believe it will significantly enhance the
Company’s cashflow and earnings and assist in addressing our low
price to NAV valuation. We expect to finance the remaining
acquisition consideration with cash on hand, cashflow from
operations and possibly the incurrence of senior secured bank debt
within the twelve-month period following the vessel’s delivery to
us, as agreed with the seller."
About C3is
Inc.
C3is Inc. is a ship-owning company providing
seaborne transportation services, including major national and
private industrial users, commodity producers and traders. The
Company owns two Handysize drybulk carriers with a capacity of
64,000 deadweight tons (dwt), and one Aframax oil tanker of 115,800
dwt. Total capacity is currently 179,800 dwt.
C3is Inc.’s common shares are listed on the Nasdaq
Capital Market and trade under the symbol “CISS.”
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, or
impact or duration of the COVID-19 pandemic and underlying
assumptions and other statements, which are other than statements
of historical facts. The forward-looking statements in this release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management’s examination of historical operating trends, data
contained in our records and other data available from third
parties. Although C3is INC. believes that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, C3is
INC. cannot assure you that it will achieve or accomplish these
expectations, beliefs or projections. Important factors that, in
our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include our
ability to fund the remaining purchase price for the acquired
Aframax oil tanker and profitably operate in the crude oil tanker
sector, our net asset value at any particular time and the risks
discussed in our filings with the SEC and the following: the impact
of the COVID-19 pandemic and efforts throughout the world to
contain its spread, the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled drydockings, shipyard performance, changes in C3is
INC’s operating expenses, including bunker prices, drydocking and
insurance costs, ability to obtain financing and comply with
covenants in our financing arrangements, or actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, the
conflict in Ukraine and related sanctions, potential
disruption of shipping routes due to accidents and political events
or acts by terrorists.
Risks and uncertainties are further described in
reports filed by C3is INC. with the U.S. Securities and Exchange
Commission.
Company Contact:
Nina Pyndiah
C3is INC.
00-30-210-6250-001
E-mail: info@C3is.pro
C3is (NASDAQ:CISS)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
C3is (NASDAQ:CISS)
Gráfica de Acción Histórica
De May 2023 a May 2024