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ICON Energy Corp. Announces Receipt of Nasdaq Notice and Reminds Shareholders of its Upcoming 2025 Annual General Meeting

Core Viewpoint - Icon Energy Corp. has received a notification from Nasdaq regarding non-compliance with listing rules due to its common shares trading below $1.00 for 30 consecutive days, with a grace period of 180 days to regain compliance [1][2][3] Compliance Status - The company is compliant with all other Nasdaq Capital Market continued listing standards and has until September 3, 2025, to regain compliance with the $1.00 share price requirement [2] - If the company does not regain compliance within the grace period but meets other listing standards, it may be eligible for an additional 180-day grace period [2] Share Price Recovery - The company can cure the deficiency by maintaining a closing bid price of $1.00 or higher for at least 10 consecutive trading days during the grace period [3] - The company's common shares will continue to be listed and trade on the Nasdaq Capital Market during this time [3] Upcoming Shareholder Meeting - The 2025 Annual Meeting of Shareholders is scheduled for March 17, 2025, with a Notice of Meeting and Proxy Statement sent to shareholders [4] - Proposals to be voted on include the election of a director, ratification of independent auditors, and authority for the board to approve reverse stock splits if deemed necessary [5][7] Proposals Overview - Proposal One: Election of Spiros Vellas as a Class I Director until the 2028 Annual Meeting [7] - Proposal Two: Ratification of Ernst & Young (Hellas) as independent auditors for the fiscal year ending December 31, 2025 [7] - Proposal Three: Authority for the board to approve reverse stock splits to maintain Nasdaq listing [5][7]