Intercont ended its former Class B subscription for 650,000 shares at US$3.00 each and agreed to a new 1,625,000-share subscription at US$0.40 each, totaling US$650,000. Investors have a proposed issuance to track, while the earlier transaction ended without payment, share delivery or registration.

Key Highlights

  • The former subscription had no closing, payment or share issuance.
  • Intercont’s Audit Committee approved the proposed issuance of 1,625,000 Class B ordinary shares.
  • The company’s authorised Share Capital is US$250,000,000 divided into 100,000,000,000 ordinary shares.

Intercont (Cayman) Ltd (NASDAQ: NCT) terminated its earlier Class B share subscription and entered a new agreement covering 1,625,000 shares at US$0.40 per share. The new agreement was signed before the termination of a prior arrangement for 650,000 Class B shares at US$3.00 per share. The earlier transaction had not closed. Intercont said the subscriber had not paid for, been registered as the holder of, or been issued, allotted or delivered those shares.

Former Subscription Ends

The former Subscription Agreement was entered into on or about June 4, 2026. Intercont and the subscriber signed the termination agreement on September 10, 2026, with the termination taking effect immediately. The parties also agreed that the earlier agreement had no remaining closing obligations. Each side released the other from claims and liabilities connected with that agreement, while each party retained responsibility for its own costs and expenses.

New Class B Terms

The new subscription agreement was signed on September 7, 2026. It provides for 1,625,000 Class B ordinary shares at US$0.40 per share, for a total subscription amount of US$650,000. The proposed issuance remains subject to the agreement’s conditions, including continued approval from the Audit Committee. The Audit Committee reviewed and approved the proposed issuance. Intercont’s Compensation Committee is also to pass a separate resolution approving the issuance at US$0.40 per share for the aggregate 1,625,000 shares. Intercont’s authorised share capital is US$250,000,000, divided into 100,000,000,000 ordinary shares.

Conditions And Legal Terms

The new agreement followed Shareholder approvals connected with Intercont’s share capital structure. The proposed issuance is conditional on the Audit Committee approval remaining effective at closing, among other conditions. The subscription amount must be paid before or on the closing date specified by the agreement. The termination agreement is governed by the laws of the Cayman Islands. Disputes are subject to arbitration in Hong Kong, with proceedings conducted in English. Intercont signed the report on September 11, 2026, through Chief Executive Officer Muchun Zhu. The termination ended the former transaction, while the new agreement sets out the proposed issuance of the Class B shares.