New Risk • Jun 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (35% average weekly change). Earnings have declined by 65% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Market cap is less than US$10m (US$4.93m market cap). Announcement • Apr 01
Intercont (Cayman) Limited Announces Effective Time of Share Consolidation to Regain Nasdaq Compliance Intercont (Cayman) Limited announced that it will effect a share consolidation (Reverse Share Split) of its ordinary shares at a ratio of 25-for-1, effective as of April 2, 2026, 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 ratio (not to exceed 100:1) 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. New Risk • Dec 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue has declined by 1.5% over the past year. Market cap is less than US$10m (US$6.14m market cap). 
