iCoreConnect Inc. announces a 1-for-20 reverse stock split effective December 20, 2024, reducing outstanding shares significantly.
Quiver AI Summary
iCoreConnect Inc. has announced a 1-for-20 reverse stock split of its common stock, which will take effect at 11:59 PM Eastern Time on December 20, 2024. After the split, the company’s shares will begin trading on The Nasdaq Capital Market on December 23, 2024, under the ticker symbol "ICCT" but with a new CUSIP number. This reverse stock split will reduce the number of outstanding shares from about 33 million to approximately 1.6 million, maintaining the authorized shares at 250 million. The company's equity compensation plan shares will also be proportionately adjusted, and no fractional shares will be issued; any fractions will be rounded up to the nearest whole share. The press release also includes forward-looking statements cautioning that the company's future expectations may differ from actual outcomes.
Potential Positives
- iCoreConnect Inc. plans to execute a 1-for-20 reverse stock split, reducing the number of shares outstanding from approximately 33.0 million to about 1.6 million, which may lead to a higher stock price and improve perceptions of the company's valuation.
- The reverse stock split is expected to enhance the company's ability to meet the continued listing requirements of the Nasdaq Capital Market, potentially increasing investor confidence.
- The company's equity compensation plan will similarly be adjusted in proportion to the reverse stock split, maintaining the attractiveness of the plan to current and potential employees.
Potential Negatives
- The announcement of a reverse stock split often signals financial distress or lack of confidence in the company’s stock price, which may negatively impact investor perception.
- A significant reduction in the number of shares outstanding from approximately 33 million to about 1.6 million could lead to increased volatility and decreased liquidity for investors.
- The issuance of a new CUSIP number and the requirement for rounding up fractional shares might complicate trading for existing shareholders, potentially leading to confusion or dissatisfaction.
FAQ
What is the date of iCoreConnect's reverse stock split?
The reverse stock split will take effect at 11:59 pm (Eastern Time) on December 20, 2024.
How will the reverse stock split affect share count?
Following the split, the number of outstanding shares will decrease from approximately 33.0 million to 1.6 million shares.
Will fractional shares be issued after the reverse stock split?
No fractional shares will be issued; any fractions will be rounded up to the nearest whole share.
What remains unchanged after the stock split?
The nominal par value per share of $0.0001 and the total authorized shares will remain the same.
Where will iCoreConnect's stock be traded post-split?
The company’s common stock will continue trading under the ticker symbol “ICCT” on The Nasdaq Capital Market.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ICCT Insider Trading Activity
$ICCT insiders have traded $ICCT stock on the open market 11 times in the past 6 months. Of those trades, 3 have been purchases and 8 have been sales.
Here’s a breakdown of recent trading of $ICCT stock by insiders over the last 6 months:
- GLOBAL INC. FUNDAMENTAL has traded it 8 times. They made 0 purchases and 8 sales, selling 2,410,000 shares.
- ROBERT P MCDERMOTT (Chief Executive Officer) has traded it 2 times. They made 2 purchases, buying 276,785 shares and 0 sales.
- JOHN PASQUAL purchased 5,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ICCT Hedge Fund Activity
We have seen 2 institutional investors add shares of $ICCT stock to their portfolio, and 10 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VIRTU FINANCIAL LLC removed 18,725 shares (-100.0%) from their portfolio in Q2 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 11,953 shares (-100.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 11,449 shares (+inf%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 10,772 shares (-100.0%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC removed 6,156 shares (-10.2%) from their portfolio in Q3 2024
- UBS GROUP AG removed 2,667 shares (-69.7%) from their portfolio in Q3 2024
- QUBE RESEARCH & TECHNOLOGIES LTD removed 1,600 shares (-100.0%) from their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
OCOEE, Fla., Dec. 19, 2024 (GLOBE NEWSWIRE) -- iCoreConnect Inc. (NASDAQ: ICCT), a leading provider of cloud-based software and technology solutions, today announced that it filed an amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-20 reverse stock split of its common stock. The reverse stock split will take effect at 11:59 pm (Eastern Time) on December 20, 2024, and the Company’s common stock will open for trading on The Nasdaq Capital Market on December 23, 2024, on a post-split basis, under the existing ticker symbol
“ICCT” but with a new CUSIP number 450958301.
As a result of the reverse stock split, every twenty shares of the Company’s common stock issued and outstanding prior to the opening of trading on December 23, 2024, will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.0001. No fractional shares will be issued in connection with the reverse stock split. Any amount of fractional shares will be rounded up to the nearest whole number at the participant (per broker) level.
As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced from approximately 33.0 million shares to approximately 1.6 million shares, and the number of authorized shares of common stock will remain at 250 million shares. In addition, the number of shares reserved for issuance under the Company’s equity compensation plan immediately prior to the reverse stock split will be reduced proportionately.
About iCoreConnect Inc.
iCoreConnect Inc. is a SaaS leader in cloud-based software and technology solutions, designed to enhance workflow productivity and profitability in healthcare.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the timing and completion of the reverse split. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov .
Investor Contacts:
888.810.7706, ext 5
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