Corporate ActionJul 23, 2026, 04:08 PM
C3is Issues Shares for Subsidiaries, $5M Working Capital in Spin-off
AI Summary
C3is Inc. reported the issuance of 2,122 common shares and 600,000 Series A Convertible Preferred Stock to Imperial Petroleum Inc. This transaction, completed on June 21, 2023, was part of a spin-off where C3is received two vessel-owning subsidiaries and $5,000,000 in working capital. The company also detailed its indemnification policies for directors and officers, aligning with Section 60 of the BCA.
Key Highlights
- Issued 2,122 Common Shares to Imperial Petroleum Inc.
- Issued 600,000 Series A Convertible Preferred Stock to Imperial Petroleum Inc.
- Received two vessel-owning subsidiaries from Imperial Petroleum Inc.
- Received $5,000,000 in working capital as part of the transaction.
- Transaction was part of a spin-off completed on June 21, 2023.
- Share issuances were exempt from registration under Regulation S.
- Company bylaws provide indemnification for directors and officers.
Price Impact
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