Icon Energy 13D Filing Shows Hampton Financial Takes 9% Stake I Co, Calls For Governance Reforms And Anti-Dilution Measures

Thank you for the the time you took to meet with me in Athens on my recent trip. It was helpful for me to understand better the approach being taken by the company, the Board and Management.

  

That said, considerable concerns remain and new ones have developed. My team has completed a deep dive into the company’s filings, disclosures and financial reports, and in conjunction with your further context provided at our recent meeting in Athens, we believe there are serious problems with the company’s previous and current management of the capital structure, with its continuing disclosure and its strategy to perpetually dilute common shareholders to the benefit of the Controlling Shareholder/CEO.

  

Since your IPO in 2024, the company has raised approximately U$25,000,000 through the issuance of common shares into the markets by way of several offerings through Maxim Group, and ATM issuances through Yorkville Capital. These issuances, while having raised considerable capital for the company, and monies far in excess of the investment made by the company’s controlling shareholder, Ismini Panagiotitidi (Hereinafter "Ismini"), have ultimately resulted in all of the company’s common shareholder equity being effectively transferred to Ismini followed by multiple reverse stock splits, and further Payment-In-Kind dividends being paid on the company's Preferred A shares. To date, common shareholders have lost more than 95% of their investment without a single public comment from Ismini, the CEO and controlling shareholder.

  

Furthermore, several press releases highlighting the company’s on-going operations and financial results give the appearance that all is well, when in fact common shareholders have seen their investment devastated, and Ismini continues to enrich herself while the company continues to lose money.