Intercont raises $19.5M via direct placement of 15M Class A shares at $1.30
Intercont (Cayman) Limited is offering 15,000,000 Class A Ordinary Shares directly to certain investors at $1.30 per share, without a placement agent or underwriter, pursuant to a securities purchase agreement dated October 21, 2026. The company expects gross proceeds of approximately $19.5 million for general corporate purposes and working capital. The Class A Ordinary Shares are listed on Nasdaq Capital Market under symbol NCT, with closing price of $1.32 on October 22, 2026.
Key takeaways
Intercont is raising approximately $19.5 million through a registered direct offering of 15 million Class A shares at $1.30 per share
No placement agent fees or underwriting discounts apply as the offering is made directly to investors pursuant to securities purchase agreements
Net proceeds will be used for general corporate purposes, working capital, and continued development and expansion of business
Company generates 100% of revenues from Hong Kong subsidiaries engaged in global maritime shipping services
Customer A (Topsheen Shipping Singapore Pte. Ltd., a related party) accounted for approximately 74% of Group revenues for fiscal year ended June 30, 2025
The company effected a 25-for-1 share consolidation in September 2026 to regain Nasdaq minimum bid price compliance
CEO Muchun Zhu holds approximately 99.3% of total voting power through Class B Ordinary Shares prior to this offering
Key metrics
Customer concentration
Primary source
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