iCoreConnect Announces Reverse Stock Split
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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