Icon Energy Corp. Announces Updates in Connection with the SEPA

Icon Energy Corp (Nasdaq: ICON) announced on Nov 24, 2025 that it has sold 132,144 common shares under its Standby Equity Purchase Agreement (SEPA) at an average price of $1.86 per share.

Rhea-AI Summary

Icon Energy Corp (Nasdaq: ICON) announced on Nov 24, 2025 that it has sold 132,144 common shares under its Standby Equity Purchase Agreement (SEPA) at an average price of $1.86 per share.

Icon entered the SEPA on Aug 27, 2025, under which an investor is obligated to purchase up to $20 million of common shares over three years. The company says the SEPA is a flexible capital source the company may use at its discretion to support strategic initiatives, operations, and potential growth opportunities.

Positive

• 132,144 shares sold under SEPA to raise capital
• Average price $1.86 per share received to date
• SEPA provides up to $20 million funding capacity over three years

Negative

• SEPA usage may cause shareholder dilution if fully drawn
• Only $245,773 raised so far vs $20 million capacity

Argus Nov 24 session

+13.96% close to close Open Argus

Details

News Market Reaction – ICON

On Nov 24, the day this news came out, ICON closed 13.96% above the previous close.

Data tracked by StockTitan Argus for the Nov 24 session.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, announced today that to date it has sold 132,144 shares of the Company’s common shares pursuant to advances under the Standby Equity Purchase Agreement (“SEPA”) at an average price per share of $1.86.

As previously announced, Icon entered into the SEPA with an investor on August 27, 2025. Subject to its terms and conditions, Icon has the right (but not the obligation) to issue to the investor, and the investor has the obligation to purchase up to $20 million worth of the Company’s common shares over a period of three years.

Icon believes that the SEPA provides a flexible and efficient source of capital that it may utilize at times and amounts of its choosing, to pursue potential growth opportunities with greater confidence and support strategic initiatives and operations.

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.”

Contact Information

Icon Energy Corp.
Dennis Psachos
Chief Financial Officer
+30 211 88 81 300
ir@icon-nrg.com
www.icon-nrg.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ICON shares were sold under the SEPA as of Nov 24, 2025?

Icon sold 132,144 shares under the SEPA as of Nov 24, 2025.

What average price did ICON receive per share under the SEPA?

The shares were sold at an average price of $1.86 per share.

When did ICON enter the SEPA and what is its size?

Icon entered the SEPA on Aug 27, 2025; the agreement covers up to $20 million over three years.

What does the ICON SEPA mean for shareholders and dilution risk?

The SEPA gives ICON a capital source but may cause shareholder dilution if additional shares are issued under the $20 million facility.

How much capital has ICON effectively raised from SEPA sales so far?

Proceeds to date equal roughly $245,773 (132,144 shares × $1.86 average).