iCoreConnect Implements Reverse Stock Split for Growth Strategy

iCoreConnect's Strategic Move: 1-for-20 Reverse Stock Split

iCoreConnect Inc. (NASDAQ: ICCT), a leader in cloud-based software and technology solutions, has made a significant announcement regarding the financial structure of the company. Following a meticulous review of its capital structure, iCoreConnect decided to implement a 1-for-20 reverse stock split of its common stock. This strategic decision is aimed at consolidating shares to enhance shareholder value and attract new investment opportunities.

Details of the Reverse Stock Split

The reverse stock split will officially take effect at 11:59 PM Eastern Time on December 20, 2024. After this date, iCoreConnect's common stock will begin trading on a post-split basis under the existing ticker symbol "ICCT". Investors should note that the company will also have a new CUSIP number, 450958301, which will reflect this consolidated share structure.

This action means that for every twenty shares currently owned by shareholders, they will receive one share in return. Importantly, there will be no adjustment to the nominal par value per share of $0.0001. This consolidation aims to reduce the total number of outstanding shares from approximately 33 million to around 1.6 million, simplifying the overall capital structure of the company.

Impact on Shareholders and Market Position

As a result of this reverse stock split, the number of shares that shareholders own will decrease, yet the value of each share is expected to increase proportionately, assuming market efficiency. This strategic initiative is designed to position iCoreConnect more favorably in the market, potentially attracting institutional investors and bolstering its stock price. Additionally, the number of authorized shares will remain at 250 million, ensuring ample capacity for future growth and capital raising efforts.

Shareholders should also be aware that any fractional shares resulting from the reverse split will be rounded up to the nearest full share at the broker level, preventing any loss of ownership value.

About iCoreConnect

iCoreConnect Inc. stands at the forefront of technological innovation in healthcare. With a strong portfolio of SaaS solutions, the company aims to enhance workflow productivity and profitability across the healthcare sector. By implementing state-of-the-art technology, iCoreConnect continues to provide valuable tools and services necessary for health organizations to thrive in a competitive environment.

Future Outlook for iCoreConnect

The decision to pursue a reverse stock split reflects the company's commitment to streamline its operations and focus on long-term growth strategies. iCoreConnect's management believes that this move will not only stabilize the stock price but also create a more appealing investment platform for current and prospective shareholders. As the company leverages its advanced technology solutions, it is well-positioned to expand its market presence and drive future revenues.

Investors are encouraged to stay informed about iCoreConnect’s progress and strategic initiatives as they unfold. The management is optimistic that these steps will enhance shareholder value and open new avenues for growth in the rapidly evolving healthcare technology landscape.

Frequently Asked Questions

What is the purpose of iCoreConnect's reverse stock split?

The reverse stock split aims to consolidate shares to enhance shareholder value and attract new investment opportunities.

When will the reverse stock split take effect?

The reverse stock split will take effect at 11:59 PM Eastern Time on December 20, 2024.

How will the reverse stock split affect my shares?

For every 20 shares currently owned, you will receive 1 share post-split. The overall value of your shares is expected to adjust accordingly.

Will iCoreConnect's stock price change significantly after the split?

While the stock price may fluctuate, the reverse split is designed to stabilize and potentially increase the stock value in the long run.

What is iCoreConnect's primary business focus?

iCoreConnect specializes in providing cloud-based software solutions that improve workflow productivity in the healthcare sector.

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