C3is Inc. Ownership Update Filed

TL;DR

Vafias group updated their C3is Inc. 13D filing - ownership details changed.

AI Summary

Harry N. Vafias, through Flawless Management Inc. and Arethusa Properties Ltd, has filed an amendment (No. 2) to their Schedule 13D for C3is Inc. on September 16, 2024. This filing pertains to their beneficial ownership of C3is Inc. common stock. The filing does not disclose specific dollar amounts or new share acquisitions in this amendment.

Why It Matters

This filing updates the beneficial ownership information for significant stakeholders in C3is Inc., providing transparency to investors about control and potential influence over the company.

Risk Assessment

Risk Level: medium — Schedule 13D filings often indicate significant ownership stakes, which can lead to changes in corporate control or strategy, introducing potential volatility.

Key Players & Entities

• Harry N. Vafias (person) — Beneficial owner and person authorized to receive notices
• C3is Inc. (company) — Subject company
• Flawless Management Inc. (company) — Filing entity
• Arethusa Properties Ltd (company) — Group member

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $1 — at an exercise price per share equal to $1.16, the closing price of the Common Sto

Filing Documents

• d872619dsc13da.htm (SC 13D/A) — 64KB
• d872619dex991.htm (EX-99.1) — 6KB
• 0001193125-24-221447.txt ( ) — 72KB

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 September 16, 2024, Mr. Vafias acquired, as compensatory awards, (1) 340,000 restricted shares of Common Stock with a vesting date of September 16, 2025 for 170,000 such shares and September 16, 2026 for 170,000 such shares, and (2) options exercisable to acquire 150,000 shares of Common Stock at an exercise price per share equal to $1.16, the closing price of the Common Stock on Nasdaq on September 16, 2024, 50% of which vest on September 16, 2025 and 50% of which vest on September 16, 2026. Item 4. 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 other factors and future developments. Mr. Vafias serves as the Non-Executive Chairman of the Issuer and therefore regularly engages in discussions with management of the Issuer, the board of directors of the Issuer, other shareholders of the Issuer and other relevant parties, which discussions may include mat

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) Except as set forth in Item 3 to this Schedule, no transactions in the Companys Common Stock by the Reporting Persons were effected in the past 60 days. (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. Item 7. 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 September 18, 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: September 18, 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

View Full Filing

View this SC 13D/A filing on SEC EDGAR