ICON Energy Corp. Announces Receipt of Nasdaq Notice and Reminds Shareholders of its Upcoming 2025 Annual General Meeting
Icon Energy Corp (Nasdaq: ICON) has received a notification from Nasdaq dated March 7, 2025, indicating non-compliance with listing requirements as its share price remained below $1.00 for 30 consecutive trading days from January 23 to March 6, 2025. The company has been granted a 180-day grace period until September 3, 2025, to regain compliance by maintaining a closing bid price of $1.00 or higher for at least 10 consecutive trading days.
Additionally, Icon announced its upcoming 2025 Annual General Meeting scheduled for March 17, 2025. Shareholders will vote on three key proposals: electing Spiros Vellas as Class I Director, ratifying Ernst & Young as independent auditors, and granting the board authority to implement reverse stock splits. The latter proposal aims to provide flexibility in maintaining Nasdaq listing requirements if deemed necessary.
Icon Energy Corp (Nasdaq: ICON) ha ricevuto una notifica da Nasdaq datata 7 marzo 2025, che indica la non conformità ai requisiti di quotazione poiché il prezzo delle sue azioni è rimasto al di sotto di $1,00 per 30 giorni di negoziazione consecutivi dal 23 gennaio al 6 marzo 2025. L'azienda ha ricevuto un periodo di grazia di 180 giorni fino al 3 settembre 2025, per ripristinare la conformità mantenendo un prezzo di offerta di chiusura di $1,00 o superiore per almeno 10 giorni di negoziazione consecutivi.
Inoltre, Icon ha annunciato il suo prossimo Assemblea Generale Annuale 2025 programmata per il 17 marzo 2025. Gli azionisti voteranno su tre proposte chiave: l'elezione di Spiros Vellas come Direttore di Classe I, la ratifica di Ernst & Young come revisori indipendenti, e la concessione al consiglio di autorità per attuare frazionamenti azionari inversi. Quest'ultima proposta mira a fornire flessibilità nel mantenere i requisiti di quotazione di Nasdaq se ritenuto necessario.
Icon Energy Corp (Nasdaq: ICON) ha recibido una notificación de Nasdaq fechada el 7 de marzo de 2025, indicando que no cumple con los requisitos de cotización, ya que el precio de sus acciones se mantuvo por debajo de $1.00 durante 30 días de negociación consecutivos desde el 23 de enero hasta el 6 de marzo de 2025. A la empresa se le ha concedido un período de gracia de 180 días hasta el 3 de septiembre de 2025, para recuperar la conformidad manteniendo un precio de cierre de oferta de $1.00 o más durante al menos 10 días de negociación consecutivos.
Además, Icon anunció su próxima Asamblea General Anual 2025 programada para el 17 de marzo de 2025. Los accionistas votarán sobre tres propuestas clave: la elección de Spiros Vellas como Director de Clase I, la ratificación de Ernst & Young como auditores independientes, y la concesión a la junta de autoridad para implementar divisiones de acciones inversas. Esta última propuesta tiene como objetivo proporcionar flexibilidad para mantener los requisitos de cotización de Nasdaq si se considera necesario.
Icon Energy Corp (Nasdaq: ICON)은 2025년 3월 7일 자로 Nasdaq으로부터 상장 요건 불이행에 대한 통지를 받았습니다. 이는 2025년 1월 23일부터 3월 6일까지 30거래일 연속으로 주가가 $1.00 이하로 유지되었기 때문입니다. 회사는 2025년 9월 3일까지 180일의 유예 기간을 부여받아, 최소 10거래일 연속으로 $1.00 이상의 종가를 유지함으로써 상장 요건을 회복해야 합니다.
또한 Icon은 2025년 3월 17일로 예정된 2025년 연례 총회를 발표했습니다. 주주들은 세 가지 주요 제안 사항에 대해 투표할 것입니다: Spiros Vellas를 1급 이사로 선출하는 것, Ernst & Young을 독립 감사인으로 승인하는 것, 그리고 이사회에 주식 분할을 시행할 권한을 부여하는 것입니다. 마지막 제안은 필요할 경우 Nasdaq 상장 요건을 유지하는 데 유연성을 제공하는 것을 목표로 합니다.
Icon Energy Corp (Nasdaq: ICON) a reçu une notification de Nasdaq datée du 7 mars 2025, indiquant une non-conformité aux exigences de cotation, car le prix de ses actions est resté en dessous de 1,00 $ pendant 30 jours de négociation consécutifs, du 23 janvier au 6 mars 2025. L'entreprise a obtenu une période de grâce de 180 jours jusqu'au 3 septembre 2025, pour retrouver la conformité en maintenant un prix d'offre de clôture de 1,00 $ ou plus pendant au moins 10 jours de négociation consécutifs.
De plus, Icon a annoncé sa prochaine Assemblée Générale Annuelle 2025 prévue pour le 17 mars 2025. Les actionnaires voteront sur trois propositions clés : élire Spiros Vellas en tant que Directeur de Classe I, ratifier Ernst & Young en tant qu'auditeurs indépendants, et accorder au conseil d'administration l'autorité d'implémenter des divisions d'actions inversées. Cette dernière proposition vise à offrir une flexibilité pour maintenir les exigences de cotation de Nasdaq si cela est jugé nécessaire.
Icon Energy Corp (Nasdaq: ICON) hat am 7. März 2025 eine Mitteilung von Nasdaq erhalten, die auf die Nichteinhaltung der Zulassungsanforderungen hinweist, da der Aktienkurs 30 aufeinanderfolgende Handelstage vom 23. Januar bis zum 6. März 2025 unter $1,00 blieb. Das Unternehmen hat eine Nachfrist von 180 Tagen bis zum 3. September 2025 erhalten, um die Einhaltung wiederherzustellen, indem es den Schlusskurs von $1,00 oder höher für mindestens 10 aufeinanderfolgende Handelstage aufrechterhält.
Zusätzlich hat Icon seine bevorstehende Jahreshauptversammlung 2025 angekündigt, die für den 17. März 2025 geplant ist. Die Aktionäre werden über drei wichtige Vorschläge abstimmen: die Wahl von Spiros Vellas zum Direktor der Klasse I, die Bestätigung von Ernst & Young als unabhängige Prüfer und die Ermächtigung des Vorstands zur Durchführung von Reverse-Aktienzusammenlegungen. Letzterer Vorschlag zielt darauf ab, Flexibilität bei der Einhaltung der Nasdaq-Zulassungsanforderungen zu bieten, falls dies als notwendig erachtet wird.
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ATHENS, Greece, March 13, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, announced today that it has received a written notification from The Nasdaq Stock Market (“Nasdaq”) dated March 7, 2025, indicating that because the closing bid price of the Company’s common shares for 30 consecutive trading days, from January 23, 2025, to March 6, 2025, was below
The Company is in compliance with all other Nasdaq Capital Market continued listing standards and, pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance with Nasdaq Listing Rule 5550(a)(2) is 180 days, or until September 3, 2025. In the event the Company does not regain compliance within the 180-day grace period but meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.
The Company can cure this deficiency if the closing bid price of its common shares is
Reminder of Upcoming 2025 Annual General Meeting
The Company’s 2025 Annual Meeting of Shareholders (the “Meeting”) is scheduled to be held on March 17, 2025. The Company’s Notice of Meeting and Proxy Statement was mailed to shareholders of record on or around February 28, 2025, and was furnished on that date to the Securities and Exchange Commission (the "SEC"). Shareholders are encouraged to review the Notice of Meeting and Proxy Statement, which are available on the SEC's website at www.sec.gov.
As described in more detail in the Notice of Meeting and Proxy Statement, the proposals to be voted on at the Meeting are:
- To elect Spiros Vellas as a Class I Director to serve until the 2028 Annual Meeting of Shareholders (“Proposal One”);
- To ratify the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2025 (“Proposal Two”);
- To give the Company’s board of directors the authority to approve one or more reverse stock splits of the Company’s issued common shares (“Proposal Three”)
If Proposal Three is approved at the Meeting, the Company will not be obligated to conduct a reverse stock split. Proposal Three gives Icon’s board of directors the necessary flexibility to effect a reverse stock split upon determination that doing so is in the best interest of the Company and its shareholders, including as a means to maintain the Company’s Nasdaq listing.
About Icon Energy Corp.
Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol “ICON.”
Forward Looking Statements
This communication contains “forward-looking statements,” including with respect to Nasdaq compliance and a potential reverse stock split. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions that are other than statements of historical fact are forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the Commission. As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this communication.
Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: statements regarding the completion of the reverse stock split; the Company’s future operating or financial results; the Company’s liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
Contact Information
Icon Energy Corp.
Dennis Psachos
Chief Financial Officer
+30 211 88 81 300
ir@icon-nrg.com
www.icon-nrg.com
