Exhibit 99.1
C3is Inc.
C3IS INC. Announces Receipt of Nasdaq Delisting Determination; Appeal
Athens, Greece, March 15, 2024 C3is Inc. (Nasdaq: CISS) (the Company), a ship-owning company providing dry bulk
and crude oil tanker seaborne transportation services, announced today that it has received a staff determination letter, dated March 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq)
notifying the Company that the Companys 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 Companys common stock from The Nasdaq Capital Market. The letter further provides that the Company has until March 22, 2024 to appeal the Staffs 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 Companys common stock until the Nasdaq Hearing Panels decision, with hearings are typically scheduled 30-45 days
after the hearing request. Throughout this process, the Companys 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.
ABOUT C3IS INC.
C3is Inc. is a ship-owning company
providing dry bulk and crude oil seaborne transportation services. The Company owns three vessels, two handysize dry bulk carriers with a total capacity of 64,000 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of
approximately 115,800 dwt, resulting with a fleet total capacity of 179,800 dwt. C3is Inc.s shares of Common Stock 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, including statements regarding the Companys expectation regarding the intent and
plan of the Company to regain compliance with Nasdaq continued listing requirements, the outcome of the hearing and appeal process, and the anticipated actions by the Nasdaq Staff and the Companys responses and their anticipated outcome, and
the ability for the common stock to remain listed on Nasdaq, which are other than statements of historical