CEO's Holding Company Swaps $1.95M Subscription for $650K Deal at 87% Lower Price
NCT is trading near its 52-week low of $0.26 (14% above the low).
Summary
A US$1.95M subscription agreement with the CEO's holding company was terminated and replaced with a US$650K deal at US$0.40 per share — an 87% price cut from the prior US$3.00 terms.
Key Events · Financing and Capital Events · NCT
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Prior Subscription Terminated
The June 4, 2026 agreement for 650,000 Class B shares at US$3.00/share (US$1.95M total) was mutually terminated on September 10, 2026, with no closing having occurred and no funds paid.
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New Subscription at 87% Lower Price
A new agreement dated September 7, 2026 covers 1,625,000 Class B shares at US$0.40/share (US$650,000 total) — an 87% reduction from the prior US$3.00 price.
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Related-Party Transaction
The subscriber, Beverly Holding Limited, is wholly owned and controlled by CEO Muchun Zhu, who signed both agreements on behalf of both parties.
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Governance Approvals
Audit Committee approval has been obtained; Compensation Committee approval is still pending as a condition to closing.
Analysis · NCT · Energy & Transportation
A June 2026 subscription agreement with CEO Muchun Zhu's holding company, which would have raised US$1.95 million at US$3.00 per share, has been terminated and replaced with a new agreement for US$650,000 at US$0.40 per share. The new price is 87% below the prior agreed price, reflecting the company's distressed valuation after a 1:25 reverse split and a deeply discounted public offering in July. The deal is a related-party transaction — the subscriber is wholly owned by the CEO — and the Audit Committee has approved it, with Compensation Committee approval still pending. The capital injection is modest relative to the company's going-concern warning and US$200 million shelf registration filed in August, but the price reset and related-party nature make this a governance-sensitive financing event.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 30.2% of the 1943 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.21%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NCT was trading at $0.30 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $2.9M. The 52-week trading range was $0.26 to $47.50. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.