2 days ago 5

Icon Energy to effect 1-for-40 reverse stock split

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TipRanks

Sat, Mar 29, 2025, 9:00 AM 1 min read

Icon Energy (ICON) announced an update on certain corporate matters and that its board of directors has determined to effect a 1-for-40 reverse stock split of the Company’s issued common shares par value $0.001 effective at the opening of trading on April 1, 2025. On January 24, 2025, the Company announced the closing of its $12M public offering of units containing Common Shares and warrants to purchase Common Shares, as set forth in more detail in the Company’s registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission and declared effective by the SEC on January 23, 2025. The Company updates investors that, as of March 27, 2025, 99.99% of the Warrants have been exercised. 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 April 1, 2025, under the existing trading symbol “ICON.” The new CUSIP number for the Common Shares following the Reverse Stock Split will be Y4001C 206. When the Reverse Stock Split becomes effective, every 40 issued and outstanding Common Shares will be automatically converted into 1 issued and outstanding Common Share without any change in the par value per share or the total number of Common Shares the Company is authorized to issue.