C3is Stock Rises Over 15% After Hours: Here's What You Should Know

C3is Inc. (NASDAQ:CISS) surged 15.59% to $2.15 in after-hours trading on Tuesday, following the company's 1-for-20 reverse stock split that took effect on Sunday.

According to Benzinga Pro, the stock of the Greece-based shipping holding company closed regular trading at $1.86, down 9.71%.

Split Begins Trading Monday

The reverse split became effective at 11:59 p.m. Eastern time on Sunday, according to a Securities and Exchange Commission filing.

The company's common stock began trading on a split-adjusted basis on the Nasdaq Capital Market at Monday's open.

Share Count Reduced to 1.23 Million

According to the filing, the reverse stock split reduced outstanding shares from about 24.7 million to about 1.23 million.

No fractional shares were issued in connection with the reverse split.

The filing also stated that stockholders who would have otherwise received fractional shares were paid cash instead of those shares.

Warrants Receive Proportionate Adjustments

The company’s outstanding warrants and Series A Convertible Preferred Stock will be proportionately adjusted to reflect the reverse stock split.

Class B-1, B-2, C-1 and C-2 warrants will adjust to the lowest daily volume-weighted average price during the five trading days before and after the split’s effective time.

Trading Metrics, Technical Analysis

The Relative Strength Index (RSI) of CISS stands at 19.67.

The stock has a market capitalization of $1.91 million, with a 52-week high of $154.79 and a 52-week low of $1.63.

Over the past 12 months, CISS stock has seen a staggering decline of 98.71%.

The stock is currently positioned at about 0.15% of its 52-week range, placing it near its low.

This sharp decline and poor positioning reflect a significant loss of investor confidence and suggest the stock is struggling to find a stable footing.

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.