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Intercont (Cayman) Limited Announces Closing of Its Initial Public Offering

HONG KONG, March 31, 2025 (GLOBE NEWSWIRE) -- Intercont (Cayman) Limited ("Intercont" or the "Company"), a global shipping enterprise with plans for seaborne pulping operations, today announced the closing of its public offering (the "Offering") of 1,500,000 ordinary shares (the "Ordinary Shares") at a public offering price of $7.00 per share (the "IPO"). The Company received the gross proceeds of $10,500,000 from the Offering, before deducting underwriting discounts and offering expenses. The Ordinary Shares commenced trading on the Nasdaq Capital Market on March 28, 2025 under the ticker symbol "NCT."

In addition, the Company has granted the underwriters an option, within 45 days from the closing of the Offering, to purchase up to an additional 225,000 ordinary shares at the initial public offering price, less underwriting discounts, to cover the over-allotment option.

Intercont intends to use the net proceedings from this Offering to, among other things, (i) increase its working capital and financial flexibility to expand its fleet, procure raw materials, fund marketing activities, and other general corporate purposes, (ii) develop onboard pulp manufacturing technologies to improve yields, (iii) engage professionals to promote the maritime environmental, social and governance matters, industrialization process and explore the related commercial opportunities in the market, and (iv) expand the Company's research and development team, marketing team, and manufacturing team..

The Offering was being conducted on a firm commitment basis. Kingswood Capital Partners, LLC ("Kingswood") acted as the sole book-runner (the "Underwriter") for ...