NCT News & Events

Intercont (Cayman) Ltd trading halted, news pending

Intercont will effect a share consolidation of its ordinary shares at a ratio of 25-for-1, effective as of April 2, in order to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2). Beginning with the opening of trading on April 2, 2026, the Company's Class A ordinary shares will trade on the Nasdaq Capital Market on a split-adjusted basis, under the same symbol "NCT" but under a new CUSIP number, G48049111. The Company's shareholders previously approved the reverse split and granted the Company's board of directors the authority to determine the final consolidation ration and when to proceed with the share consolidation, in the event that the closing bid price per listed share of the Company falls below $1.00 on The NASDAQ Stock Market, within 180 days of shareholder approval at an Extraordinary General Meeting of Shareholders held on January 26, 2026. On March 22, 2026, the Company's board of directors approved the implementation of the Reverse Share Split at the ratio of 25-for-1 as of the Effective Time.

The company said, "Recently, Intercont released its 2026 strategic outlook and growth plan, positioning this year as a critical inflection point for strategic cross-domain presence and value transformation. The plan clarifies that Intercont's future growth will remain anchored in its shipping business, while actively exploring high-potential sectors. Building upon consolidating its existing strengths in shipping, Intercont plans to expand its ro-ro vessel green shipping business, strategically acquire the Web3 enterprise zCloak, and subsequently enter into the Artificial Intelligence field, thereby constructing a multi-dimensional growth matrix of "Green Shipping + Web3 & AI Infrastructure" to bring strong momentum to long-term value growth. Behind this strategic positioning lies Intercont's precise assessment of the industry trend of deep integration between the digital and real economies, market opportunities under the restructuring of global industrial division of labor, and the extension path of its own core capabilities. As a global shipping enterprise headquartered in Singapore, Intercont's core business focuses on global maritime transportation services. It operates primarily through two segments under its subsidiaries: time chartering and vessel management. Subsidiaries such as Top Moral, Top Creation, Top Legend, and Max Bright all generate core revenue from chartering business. Seizing the dual opportunities presented by the global shipping industry's low-carbon transition and the surging demand for new energy vehicles and cross-border e-commerce logistics, Intercont's Singapore-based subsidiary, Openwindow, entered into a strategic partnership with CINCO INTERNATIONAL HONGKONG LIMITED in October 2025, acquiring ro-ro vessels to expand its green shipping segment. This cooperation not only infuses new green momentum into Intercont's fleet but is also expected to generate stable cash flow. According to estimates, post-transaction, Intercont will take over existing time charter contracts, which are projected to generate cumulative book revenue of approximately $110M and cumulative net profit of approximately $88M during the contract period. By providing diversified green transportation solutions, Intercont expects to further enhance customer stickiness and market reputation, strengthen its ESG framework and market competitiveness, thereby constructing a sustainable virtuous cycle of "Operations-Financing-Brand-Valuation". In 2026, Intercont will continue to prioritize "optimizing its core business" as a strategic focus. By improving operational efficiency and optimizing cost structure, it plans to achieve steady growth in business cash flow. Simultaneously, Intercont will focus on projects with high input-output ratios and embed compliance throughout all processes, solidifying the "ballast stone" for multi-sector business expansion...To enter the Web3 domain and acquire core capabilities in AI and digital finance, Intercont entered into a Memorandum of Understanding with zCloak, a leading Singapore-based Web3 technology services company, in December 2025, planning to strategically acquire a minority stake of no more than 50% in Starks Network Ltd...Leveraging zCloak's AI technology support, Intercont will focus its AI strategy on the "platform and infrastructure layer" - the core hub connecting computing power, data, models, and industry demand, which is also the area with the highest technological barriers and the most enduring commercial value."

Intercont announced that, on December 15, 2025, the Company received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market, notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). The Notification Letter is based upon the fact that the closing bid price of the Company's ordinary shares was below $1.00 per share for a period of 30 consecutive business days from October 31, 2025 to December 12, 2025. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until June 15, 2026 to regain compliance with Nasdaq's minimum bid price requirement.