Icon Energy Corp. announces reverse stock split

The Reverse Stock Split will be effective, and the Common Shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market, at the opening of trading on January 8, 2026, under the existing trading symbol 'ICON'. The new CUSIP number for the Common Shares following the Reverse Stock Split will be Y4001C 305.

When the Reverse Stock Split becomes effective, every 5 issued and outstanding Common Shares will be automatically converted into 1 issued and outstanding Common Share without any change in (i) the par value per share or (ii) the total number of Common Shares the Company is authorised to issue.

Background and purpose

The Board has determined that the Reverse Stock Split is in the best interest of the Company and its shareholders as a higher share price may enhance the Company’s appeal to a broader investor base while also ensuring the Company’s continued compliance with Nasdaq Capital Market listing standards.

Details

The Reverse Stock Split will not (i) affect any shareholder’s ownership percentage of Common Shares (except as a result of the cancellation of fractional shares), (ii) have any direct impact on the market capitalisation of the Company, or (iii) modify any voting rights or other terms of the Common Shares. As of the date hereof, the Company had 3 460 000 outstanding Common Shares, which will be reduced to approximately 692 000 Common Shares following the effective Reverse Stock Split, to be adjusted for cancellation of any fractional shares.

No fractional shares will be created or issued in connection with the Reverse Stock Split. Shareholders who otherwise would be entitled to receive fractional shares because their pre-split holdings of Common Shares are not evenly divisible by the number of pre-split shares for which each post-split share is to be exchanged will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the shareholder would otherwise be entitled, multiplied by the closing price of the Common Shares on the Nasdaq Capital Market on January 7, 2026.

Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the Reverse Stock Split reflected in their accounts on or after January 8, 2026. Such beneficial holders may contact their bank, broker, or nominee for more information.

The Reverse Stock Split approved by the Board is within the range of ratios for a reverse stock split previously authorised by the shareholders of the Company.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/07012026/icon-energy-corp-announces-reverse-stock-split/