C3is (NASDAQ:CISS) stock is on the rise Thursday as investors reacted to updated stakes in the seaborne transportation company following a public offering.
First off, this public offering included 28 million units. Each of these units contained one share of CISS stock, one half of a Class B-1 Warrant for another share and one Class B-2 Warrant for a share of CISS.
The big news here is that Imperial Petroleum (NASDAQ:IMPP) now holds a 67.9% stake in C3is. That comes from its 60 million shares held through 5% Series A Cumulative Convertible Perpetual Preferred Stock.
A couple of factors affect Imperial Petroleum’s stake in C3is. That includes adjustments to the conversion price of the company’s preferred stock, as well as a reflection of changes in ownership following the recent public offering mentioned above.
How This Affects CISS Stock Today
With all of this news comes increased trading activity for CISS stock on Thursday. That has more than 29 million shares changing hands as of this writing. That’s already well above its daily average trading volume of about 2 million shares.
While stocks typically drop during public offerings, it’s not uncommon to see them bounce back once that offering closes. This is likely part of the reason CISS shares are up today.
CISS stock is up 35.9% as of Thursday morning.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market stories that traders need to know about on Thursday! That includes a look at the biggest pre-market stock movers, what’s going on with Microsoft (NASDAQ:MSFT) stock and more. All of that news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
