Icon Energy Corp. Announces 1-for-5 Reverse Stock Split
ATHENS, Greece, January 06, 2026 (GLOBE NEWSWIRE) - Icon Energy Corp. (Nasdaq: ICON), a leading international shipping company specializing in seaborne transportation of dry bulk cargoes, has announced a significant financial restructure. The Company’s Board of Directors has approved a 1-for-5 reverse stock split effective January 8, 2026, to enhance its market position.
Details of the Reverse Stock Split
The reverse stock split will become effective at the opening of trading on January 8, 2026. Following this action, every five issued and outstanding common shares will be automatically converted into one issued and outstanding common share. The par value of $0.001 per share and the total number of authorized common shares will remain unchanged. The new CUSIP number for the common shares will be Y4001C 305.
Currently, Icon Energy Corp. has approximately 3,460,000 outstanding shares, which will decrease to about 692,000 shares post-split, after adjusting for any fractional shares.
Rationale Behind the Split
The decision to implement the reverse stock split stems from the Board's belief that a higher share price will make ICON more attractive to a wider array of investors. Moreover, this measure ensures compliance with the Nasdaq Capital Market listing standards, which is crucial for the Company’s ongoing market presence.
Importantly, the reverse split will not affect shareholders' ownership percentages, with the exception of fractional shares. No fractional shares will be issued; instead, shareholders with fractional entitlements will receive cash equivalent to the fractional share multiplied by the closing price on January 7, 2026.
Implications for Shareholders
- Current shareholders holding shares in book-entry form or through brokers will not need to take action.
- The impact of the reverse stock split will be reflected in accounts as of January 8, 2026.
- Beneficial holders are encouraged to contact their brokers for further information on their holdings.
About Icon Energy Corp.
Icon Energy Corp. is known for its global shipping operations and robust fleet management. The Company is headquartered in Athens, Greece, and its shares are publicly traded under the symbol ICON on the Nasdaq Capital Market.
Cautionary Note on Forward-Looking Statements
This communication contains forward-looking statements regarding the reverse stock split and its anticipated effects on ICON. While the Company believes these predictions are reasonable based on current information, actual outcomes may vary significantly due to a variety of factors, including market conditions and operational performance.
For more detailed information regarding potential risks and uncertainties impacting the Company, investors are encouraged to review filings made with the U.S. Securities and Exchange Commission (SEC).