C3IS INC. Announces Receipt of Nasdaq Delisting Determination; Appeal

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C3is Inc., a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, announced that it has received a staff determination letter, dated March 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that the Company’s common stock had a closing bid price of $0.10 or less for ten consecutive trading days, through March 14, 2024, and that, consistent with Nasdaq Listing Rule 5810(c)(3)(A)(iii), the Staff has determined to delist the Company’s common stock from The Nasdaq Capital Market. The letter further provides that the Company has until March 22, 2024 to appeal the Staff’s decision.

In response, the Company is appealing the Nasdaq Staff Determination by requesting a hearing before a Nasdaq Hearings Panel, in accordance with Nasdaq Listing Rule 5800 Series procedures. The appeal initiates a stay on the delisting of the Company’s common stock until the Nasdaq Hearing Panel’s decision, with hearings are typically scheduled 30-45 days after the hearing request. Throughout this process, the Company’s common stock will continue trading on the Nasdaq Capital Market under the symbol “CISS.”

In addition, as previously announced, the Company has also been in non-compliance with Nasdaq Rule 5550(a)(2), triggered by the closing bid price of its Common Shares remaining below $1.00 per share for thirty consecutive trading days for which it had been granted a grace period to regain compliance with such rule.

The Company will consider various alternatives, including a reverse stock split.