Icon Energy Corp. Provides Update on Corporate Matters and Announces Reverse Stock Split to Maintain NASDAQ Listing

Core Viewpoint - Icon Energy Corp. announced a 1-for-40 reverse stock split effective April 1, 2025, to comply with Nasdaq listing requirements and improve its stock price [1][4][9]. Corporate Matters Update - On January 24, 2025, the company closed a public offering of units worth $12.0 million, which included common shares and warrants [2]. - As of March 27, 2025, 99.99% of the warrants from the offering have been exercised [3]. Reverse Stock Split Details - The reverse stock split will convert every 40 outstanding common shares into 1 share, effective April 1, 2025, under the existing trading symbol "ICON" [4][5]. - The new CUSIP number for the common shares post-split will be Y4001C 206 [4]. - The total number of outstanding common shares will decrease from 87,410,311 to approximately 2,185,257, adjusted for fractional shares [10]. Compliance and Listing Status - The company received a notification from Nasdaq on March 7, 2025, regarding non-compliance due to the closing bid price being below $1.00 for 30 consecutive trading days [6]. - The company has until September 3, 2025, to regain compliance, with a potential additional grace period if other listing standards are met [6][9]. - The closing bid price has been at or below $0.10 for six consecutive trading days, prompting the board to implement the reverse stock split to maintain Nasdaq listing [8]. Purpose of the Reverse Stock Split - The reverse stock split aims to increase the market price of the common shares, maintain compliance with Nasdaq rules, and regain compliance with listing standards [9].