Icon Energy Corp (ICON) Form SCHEDULE 13D/A — Nov 2, 2026
Hampton Financial Corp, holder of 9% of Icon Energy Corp, amended its Schedule 13D to publicly escalate a governance fight, sending a letter to ICON's board demanding capital structure and governance reforms. The letter claims ICON's structure — particularly Series A preferred held by CEO Ismini Panagiotidi with a PIK dividend rate already at 25.7% and VWAP-based conversion — has created a 'death spiral' that wiped out 90% of stockholder value while the controlling holder's as-converted stake rose to roughly 86%.
Key figures
- Shares Owned
- 325000
- Shares Outstanding
- 3621833
- Admin Fees
- $800,000 per year
- Stock Price
- ~$0.92
- Percent Owned
- 9%
- Value Decline
- 90% stockholder value wiped out over last year
- Proposed Series B
- $20 million face amount, $5.00 conversion, 6% cash dividend
- Accrued Dividends
- ~$1.7 million through October 19, 2026
- Amount Raised To Date
- $25 million
- Ship Management Fees
- $800 per vessel per day (~$876,000/year) plus 1.25% of gross income
- Series A dividend Rate
- 25.7% (would rise to 33.4% on next PIK payment)
- Series A stated Amount
- $21,390,000 (21,390 shares x $1,000)
- Restricted Stock Dividend
- $1,500,000 of common shares by December 31, 2026
- Atlantis as Converted Stake
- ~86.4% as of June 30, 2026 (vs ~78% July 2025)
- Master Management Termination Fees
- up to $12 million vs ~$1.8 million under prior agreements
- Atm Shares Issued During Non Disclosure
- 496040
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