Intercont (Cayman) Limited Announces Effective Time of Share Consolidation/Reverse Share Split

Authorized Class A ordinary shares will decrease from 3.2 billion to 400 million; authorized Class B shares will remain unchanged.

Rhea-AI Summary

Intercont (Cayman) (NCT) will implement a reverse share split combining eight Class A ordinary shares into one, effective November 16, 2026. Split-adjusted trading will begin that day on the Nasdaq Capital Market under the unchanged symbol NCT.

Issued Class A ordinary shares will decrease from 16,286,926 to 2,035,866. The board approved the implementation on November 4, 2026, following earlier shareholder authorization. This follows a previous 25-for-1 consolidation effective September 17, 2026. Fractional Class A shares will be rounded up at the beneficial holder level, and shareholders will not need to take action.

News Explained

Separate from the already-reported reduction in issued shares, the November 16 split also cuts authorized Class A shares from 3.2 billion to 400 million and raises par value from $0.0625 to $0.50 per share; authorized Class B shares are unchanged.

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Details

Market Reaction – NCT

$0.75 – $0.96 Day Range

$12.91M Mkt Cap at Last Price

On Nov 10, the day this news came out, the latest delayed price for NCT is 6.46% below the previous close. Our momentum scanner has recorded 12 alerts for this stock so far that day. The latest delayed price is $0.81. Relative volume is exceptionally heavy at 19.3x what this stock usually trades by this time of day.

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Key Figures

Consolidation ratio: 8-for-1 Effective date: November 16, 2026 Issued Class A shares: 16,286,926 to 2,035,866 +2 more

Consolidation ratio

8-for-1

Reverse share split effective November 16, 2026

Effective date

November 16, 2026

Split-adjusted trading begins at market open

Issued Class A shares

16,286,926 to 2,035,866

Pre-split to post-split

Authorized Class A shares

3,200,000,000 to 400,000,000

Following the consolidation

Par value per Class A share

$0.0625 to $0.50

Following the consolidation

Key Terms

reverse share split, cusip, par value, street name

4 terms

reverse share split financial

"will effect a share consolidation (“Reverse Share Split”) of its ordinary shares"

A reverse share split is when a company reduces the number of its shares outstanding by combining multiple shares into one, effectively increasing the price of each share. For investors, this can help improve the company's image or meet stock exchange listing requirements, but it does not change the total value of their investment. It’s similar to turning many small pieces of a puzzle into fewer larger pieces—nothing new is added or lost, just rearranged.

cusip technical

"under a new CUSIP number, G48049137"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

par value financial

"the par value will change from $0.0625 to $0.50"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

street name financial

"hold their shares in brokerage accounts or in “street name”"

A "street name" is a way that stocks or other financial assets are registered under a broker's name rather than directly in an individual investor's name. This allows for easier buying, selling, and transferring of the assets, much like how a library might hold books on behalf of many readers. For investors, using a street name simplifies transactions and helps maintain privacy, but it also means the broker is the official record holder of ownership.

View in glossary

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

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SINGAPORE, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Intercont (Cayman) Limited (“Intercont” or the “Company”), a global shipping enterprise, today announced that it will effect a share consolidation (“Reverse Share Split”) of its ordinary shares at a ratio of 8-for-1, effective as of November 16, 2026 (the “Effective Time”). The company determined that the share consolidation is advisable to mitigate the risk of market manipulation commonly associated with low-priced securities, stabilize the trading profile of our ordinary shares and strengthen the quality of our shareholder base.

Beginning with the opening of trading on November 16, 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, G48049137.

The Company’s shareholders previously approved the reverse split and granted the Company’s board of directors the authority to determine the final consolidation ration (ranging from 2-for-1 to 1000-for-1) and the timing to for its implementation, provided that such implementation occurs within five years from the date of approval. Upon effecting the consolidation, the number of authorized, issued, and unissued Class A ordinary shares will be reduced proportionally, and the par value per share will be increased by the same ratio. On November 4, 2026, the Company’s board of directors approved the implementation of the Reverse Share Split at the ratio of 8-for-1 as of the Effective Time.

As of the Effective Time, every 8 shares of the Company’s then issued and outstanding Class A ordinary shares will be combined into one issued and outstanding Class A ordinary share without any action on the part of the shareholders. Prior to this current share consolidation, the Company had previously implemented a 25-for-1 share consolidation which became effective on 17 September 2026. Following this current 8-for-1 consolidation, the total number of authorized Class A ordinary shares will be reduced from 3,200,000,000 to 400,000,000, and the par value will change from $0.0625 to $0.50 per Class A share. Meanwhile, the issued Class A ordinary shares will be reduced from 16,286,926 pre-split to 2,035,866 post-split.The authorized Class B ordinary shares will remain unchanged. No fractional Class A Ordinary Shares will be issued in connection with the Reverse Share Split, and any fractional shares of Class A Ordinary Shares resulting from the Reverse Share Split will be rounded up at the beneficial holder level.

The Company’s transfer agent, Transhare Corporation, will serve as the exchange agent for the Reverse Share Split. Registered stockholders holding pre-Reverse Share Split ordinary shares of the Company’s electronically in book-entry form are not required to take any action to receive post- reverse-split shares. Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the Reverse Share Split, subject to each brokers’ particular processes, and will not be required to take any action in connection with the Reverse Share Split.

Contact information:
investorrelations@intercontcayman.com
+65 88182399

FAQ

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

When does Intercont's NCT reverse split take effect, and what is the ratio?

The reverse split takes effect on November 16, 2026, combining every eight issued and outstanding Class A ordinary shares into one. Split-adjusted trading on the Nasdaq Capital Market begins that day under the unchanged ticker NCT.

Why is Intercont implementing the NCT reverse share split?

Intercont says the consolidation is intended to mitigate the risk of market manipulation associated with low-priced securities, stabilize the trading profile of its ordinary shares and strengthen the quality of its shareholder base.