Intercont (NCT) filed Monday a registration statement with the US Securities and Exchange Commission for a public offering of up to 8 million units at $0.79 per unit, for net proceeds of about $5.7 million.

Each unit consists of a class A common share and a warrant to buy one class A share, according to the filing.

The company also registered up to 16 million class A common shares underlying the warrants, exercisable at an initial price of $0.869 per share.

The company said it intends to use the net proceeds for working capital and general corporate purposes.

Shares of Intercont were falling more than 42% in Monday trading.

Price: 2.27, Change: -1.67, Percent Change: -42.39