Amendment No. 4 to Schedule 13D for C3IS Inc.

This Amendment No. 4 to Schedule 13D, filed by Flawless Management Inc., Arethusa Properties LTD, and Harry N. Vafias, updates the beneficial ownership of C3IS Inc.'s common stock. The amendment reflects changes due to the issuance of shares and the exercise of warrants, resulting in the Reporting Persons no longer owning more than 5% of the outstanding shares. The Reporting Persons acquired the securities for investment purposes and may continue to review their investment, potentially acquiring or disposing of shares based on various factors. Harry N. Vafias, as the Non-Executive Chairman, regularly engages in discussions with the Issuer's management and board, which may include considerations of extraordinary corporate transactions. The amendment also includes a Joint Filing Agreement among the Reporting Persons.