Icon Energy Corp. completed a public offering raising $12 million, offering shares and warrants for general corporate purposes.
Quiver AI Summary
Icon Energy Corp. announced the successful completion of its public offering of 9,160,305 units at a price of $1.31 per unit, generating gross proceeds of approximately $12 million. Each unit comprises one common share and one warrant, with the securities offered as part of a registration statement that became effective on January 23, 2025. The company plans to use the net proceeds for general corporate purposes, which may include working capital, debt repayments, and fleet expansion. Maxim Group LLC served as the sole placement agent for the offering. The final prospectus is available on the SEC's website, and the company emphasizes that this announcement does not constitute an offer to sell or solicit offers to buy securities in jurisdictions where such actions would be unlawful.
Potential Positives
- Icon Energy Corp. successfully closed its public offering, raising $12.0 million in gross proceeds, enhancing its financial position.
- The offering included both common shares and warrants, providing investors with potential upside opportunities.
- The company plans to use the raised funds for general corporate purposes, including working capital needs and fleet expansion, signaling growth prospects.
- The registration statements were filed and approved by the SEC, ensuring compliance with regulatory requirements and maintaining investor confidence.
Potential Negatives
- The public offering price of $1.31 per unit may indicate a low valuation, potentially reflecting negatively on investor confidence in the company.
- The announcement of these offerings may raise concerns regarding the company's liquidity and reliance on external financing for operational needs.
- The extensive disclaimers about forward-looking statements suggest a level of uncertainty about the company's future performance and strategy, which may deter potential investors.
FAQ
What was the public offering price for Icon Energy's units?
The public offering price for Icon Energy's units was $1.31 per unit.
How much did Icon Energy raise from the public offering?
Icon Energy raised gross proceeds of $12.0 million before deductions from the public offering.
What will Icon Energy use the proceeds for?
The proceeds will be used for general corporate purposes, including working capital needs and fleet expansion.
Who acted as the placement agent for this offering?
Maxim Group LLC acted as the sole placement agent for Icon Energy's public offering.
Where can I find the registration statement for the public offering?
The registration statement can be found on the SEC's website at http://www.sec.gov.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
ATHENS, Greece, Jan. 24, 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, today announced the closing of its public offering of 9,160,305 units at a public offering price of $1.31 per unit. Each unit consisted of one common share and one warrant to purchase one common share.
The common shares and accompanying warrants were purchased together in this public offering but were issued separately and were immediately separable upon issuance. Gross proceeds to the Company, before deducting placement agent’s fees and other offering expenses, were $12.0 million. The Company intends to use the net proceeds of this offering for general corporate purposes, which may include, among other things, funding for working capital needs, debt repayments, and fleet expansion.
Maxim Group LLC acted as sole placement agent in connection with the offering.
A registration statement on Form F-1 (File No. 333-284370) was filed with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on January 23, 2025 and a registration statement on Form F-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective upon filing on January 23, 2025 (together, the “registration statement”). A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov . The offering was made only by means of a prospectus. Electronic copies of the prospectus relating to this offering may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at [email protected] .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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.” 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 SEC. 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: 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 (including COVID-19); 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
[email protected]
www.icon-nrg.com