Vafias Amends C3is Inc. Stake Filing

TL;DR

Vafias updated his C3is Inc. filing - watch for ownership changes.

AI Summary

Harry N. Vafias, through Flawless Management Inc. and Arethusa Properties Ltd, has amended their Schedule 13D filing for C3is Inc. on June 20, 2024. This amendment likely relates to changes in beneficial ownership or other disclosures concerning their holdings in C3is Inc. stock.

Why It Matters

This filing amendment by a significant holder like Harry N. Vafias can signal changes in control or strategy for C3is Inc., potentially impacting its stock price.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate significant shifts in a major shareholder's position or intentions, which can introduce volatility.

Key Players & Entities

• Harry N. Vafias (person) — Filing party and beneficial owner
• C3is Inc. (company) — Subject company
• Flawless Management Inc. (company) — Filing entity
• Arethusa Properties Ltd (company) — Filing entity

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $501,334 — res of Common Stock for an aggregate of $501,334 (including commissions) in open market
• $25.00 — $0.01 per share, liquidation preference $25.00 per share, which is convertible, at the
• $1.2573 — Stock at a current conversion price of $1.2573. This Amendment No. 1 also updates th

Filing Documents

• d841210dsc13da.htm (SC 13D/A) — 71KB
• d841210dex991.htm (EX-99.1) — 7KB
• 0001193125-24-166387.txt ( ) — 79KB

of the Statement is hereby amended by adding the following paragraphs to the end of Item 3

Item 3 of the Statement is hereby amended by adding the following paragraphs to the end of Item 3: On June 18, 2024 and June 20, 2024, Arethusa acquired an aggregate of 395,148 shares of Common Stock for an aggregate of $501,334 (including commissions) in open market purchases using its working capital. Mr. Vafias is the Chief Executive Officer, President and Chairman of Imperial Petroleum Inc., which owns 600,000 shares of the Issuers outstanding Series A Convertible Preferred Stock, par value $0.01 per share, liquidation preference $25.00 per share, which is convertible, at the holders option, into Common Stock at a current conversion price of $1.2573. This Amendment No. 1 also updates the percentage of Common Stock of the Issuer beneficially owned by the Reporting Persons, including to reflect issuances of shares of Common Stock by the Issuer pursuant to the exercise of outstanding warrants. Item4. Purpose of Transaction. The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investment in the Issuer on a continuing basis. Any Reporting Person may from time to time acquire additional securities of the Issuer, or retain or sell all or a portion of the shares then held by the Reporting Persons, in the open market, block trades, underwritten public offerings or privately negotiated transactions. Any actions any Reporting Person might undertake with respect to its investment in the Issuer may be made at any time and from time to time and will be dependent upon such Reporting Persons review of numerous factors, including, but not limited to: ongoing evaluation of the Issuers business, financial condition, operations, prospects and strategic alternatives; price levels of the Issuers securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; tax considerations; liquidity of the Issuers securities; and ot

is hereby amended and restated as follows

Item 5 is hereby amended and restated as follows: (a) See Items 11 and 13 on the cover pages to this Statement for the aggregate number and percentage of the class of Common Stock owned by each Reporting Person. (b) Number of shares as to which each Reporting Person has: i. Sole power to vote or to direct the vote: See Item 7 on cover pages to this Statement. ii. Shared power to vote or to direct the vote: See Item 8 on cover pages to this Statement. iii. Sole power to dispose or direct the disposition: See Item 9 on cover pages to this Statement. iv. Shared power to dispose or direct the disposition: See Item 10 on cover pages to this Statement. (c) Annex A , attached hereto, sets forth transactions in the Common Stock that were effected since the most recent filing of Schedule 13D by the Reporting Persons on May 20, 2024. The transactions in the Common Stock described on Annex A were effected on securities exchanges through brokers unless otherwise indicated therein. Except as set forth in this Schedule, none of the Reporting Persons has engaged in any transaction in any Common Stock since the most recent filing of Schedule 13D by the Reporting Persons on May 20, 2024. (d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock beneficially owned by the Reporting Persons. (e) Not applicable. Item7. Material to be Filed as Exhibits.

is hereby amended to add the following exhibit

Item 7 is hereby amended to add the following exhibit: Exhibit 1: Joint Filing Agreement, dated June 24, 2024, among Flawless Management Inc., Arethusa Properties LTD and Harry N. Vafias. [The remainder of this page intentionally left blank] SIGNATURE After reasonable inquiry and to the best of the knowledge and belief of each of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: June 24, 2024 FLAWLESS MANAGEMENT INC. By: /s/ Harry N. Vafias Harry N. Vafias President ARETHUSA PROPERTIES LTD. By: /s/ Harry N. Vafias Harry N. Vafias President /s/ Harry N. Vafias Harry N. Vafias Annex A TRANSACTIONS The following table sets forth all transactions with respect to Common Stock effected by the Reporting Persons on behalf of the Reporting Persons in respect of the Common Stock since the most recent filing of Schedule 13D by the Reporting Persons on May 20, 2024, inclusive of any transactions effected prior to the filing hereof. All such transactions were purchases or sales of Common Stock effected in the open market, and the Net Price set forth in the table includes commissions paid in per share prices. Trade Date Reporting Person Effecting Transaction Buy/Sell Quantity Gross Price ($) Net Price ($) 6/18/2024 ARETHUSA PROPERTIES LTD BUY 46,216 1.30 1.3057 6/20/2024 ARETHUSA PROPERTIES LTD BUY 348,932 1.2583 1.2638

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View this SC 13D/A filing on SEC EDGAR