It turns out you don’t need US investment bank the Maxim Group to do highly dilutive Maxim-style equity deals.

Greek shipowner Harry Vafias is continuing to show that through his Nasdaq-listed company C3is, although there are some in shipping and finance circles who wish he’d stop.

Vafias has now contracted with another New York-based bank, Aegis Capital, for two equity raises in 2024 that have brought three-ship C3is a total of $18m in gross proceeds, but also contributed to its stock trading at $0.03