Intercont (Cayman) Ltd (NCT) issued 1,625,000 Class B ordinary shares to Beverly Holding Limited on September 25, 2026, for $650,000, at $0.40 per share. The subscription was funded with personal funds of Chief Executive Officer and Chairman Muchun Zhu contributed to Beverly.
After issuance, Muchun Zhu reported beneficial ownership of 1,831,598 Class B shares, equal to 58.7% of the Class A ordinary shares on an as-converted basis, and approximately 99.3% of the issuer’s aggregate voting power. Class B shares carry 100 votes each, compared with one vote per Class A share. Beverly reported direct beneficial ownership of 1,795,250 Class B shares.
Intercont (Cayman) Ltd (NCT) Class B Ordinary Shares were purchased indirectly through Beverly Holding Limited (BVI): 1,625,000 shares at $0.40 per share on September 25, 2026. Zhu Muchun, identified as CEO and Chairman, is the reporting person. The reported resulting indirect position was 1,831,598 shares, and no Rule 10b5-1 plan is reported.
Intercont (Cayman) Ltd (symbol: NCT) is the issuer of record for a Form 6-K filing submitted to the SEC.
Intercont (Cayman) Ltd (NCT) reports that it has terminated a previously announced Class B share subscription agreement with Beverly Holding Limited, an entity wholly owned and controlled by Chief Executive Officer Muchun Zhu, effective immediately.
The company simultaneously entered into a new subscription agreement on September 7, 2026 under which Beverly Holding Limited agreed to subscribe for 1,625,000 Class B ordinary shares at US$0.40 per share, for an aggregate subscription amount of US$650,000. The Audit Committee of the Board of Directors reviewed and approved this related-party issuance of Class B shares to the subscriber.
Intercont (Cayman) Limited has filed a Form F-3 shelf registration to offer up to US$200,000,000 of Class A ordinary shares, debt securities, warrants, rights and units, in one or more offerings. Class A shares trade on Nasdaq as “NCT,” with a public float of US$90.8 million as of August 12, 2026.
The company is a Cayman holding entity whose operations are conducted through shipping subsidiaries in Hong Kong and a Singapore subsidiary, with all recent revenues from global maritime shipping. A seaborne pulping business is planned but not yet launched. A 25:1 share consolidation became effective April 2, 2026.
Recent financings include a July 2026 unit offering of 8,000,000 units with short-term warrants and a separate equity purchase agreement with White Lion Capital for up to US$10 million in Class A shares. A prior prepaid share purchase facility with Streeterville Capital for up to US$10 million has been terminated.
Key risks highlighted include Cayman holdco/Asian subsidiary structure, extensive legal and regulatory uncertainty related to Hong Kong and potential PRC oversight, HFCAA-related U.S. delisting risk, going-concern emphasis dependent on shareholder support, heavy customer concentration, exposure to tariffs and geopolitical tensions, volatile freight markets, and evolving environmental and data-privacy rules.
Intercont (Cayman) Ltd filed an initial ownership report for WONG KHAI MENG, who serves as an independent director. The filing is a Form 3 and lists no reportable transactions or equity holdings, and no derivative positions are shown in this initial statement.
Intercont (Cayman) Ltd filed an initial ownership report for LEE CHEE WAI, who serves as an Independent Director. The filing lists no reportable equity transactions or derivative positions and provides no holding entries as of the reporting date.
Intercont (Cayman) Ltd filed an initial statement of beneficial ownership for CHAN KELVIN ZHI HONG. He is identified as an Independent Director and not a 10% owner. The filing does not report any specific equity holdings or transactions at this time.
Intercont (Cayman) Limited restructured its board on August 5, 2026. Three independent directors — Dahong Li, Michael Schumann and Yuanmei Ma — resigned for personal reasons, with no disagreements cited regarding operations, policies, procedures or practices. They also left their roles on the audit, compensation, nominating and corporate governance, and strategic development committees.
The company simultaneously appointed Chan Kelvin Zhi Hong, Lee Chee Wai and Wong Khai Meng as new independent directors, bringing capital markets, AI/technology, and accounting and corporate finance experience. Board committees were reconstituted, with Wong chairing the Audit Committee, Chan chairing the Compensation Committee, and Lee chairing the Nominating and Corporate Governance Committee; Chan was designated an audit committee financial expert. The board determined all three new directors meet Nasdaq independence standards and stated there are no related party transactions requiring disclosure.