ICCT · United States
Cash Position
The company has -5.0 months of cash left based on the quarterly cash burn of $2.080 M and estimated current cash of $-3.452 M
Commentary on Financial Condition
The company is facing significant financial challenges, with an operating loss of $12.7 million for the nine months ended September 30, 2024, and an accumulated deficit of $138.2 million, raising substantial doubt about its ability to continue as a going concern for the next 12 months. The company is reliant on future fundraising through debt and equity issuance to finance operations, but there are no assurances of success in raising the necessary capital. If additional capital is not secured, the company may need to curtail or cease operations., Filed At: 2024-11-19
Former Symbols
No former symbols for ICCT
Nasdaq Compliance
iCoreConnect Inc. is currently not in compliance with Nasdaq's minimum stockholders' equity requirement of $2,500,000, having failed to meet the compliance deadline of February 17, 2025. The company faces a suspension of trading on February 27, 2025, unless it appeals by February 25, 2025. Filed At: 2025-02-21.
iCoreConnect Inc. is currently not in compliance with Nasdaq's audit committee composition rule due to the resignation of Yvonne Hyland from the Board, which left the audit committee with only two independent directors. The company has until the earlier of its next annual shareholders’ meeting or March 5, 2026, to regain compliance by electing additional independent directors. Filed At: 2025-03-07.
iCoreConnect Inc. is currently not in compliance with Nasdaq's Board Independence rule due to the resignation of Yvonne Hyland from the Board, as reported on March 7, 2025. The company has until the earlier of its next annual shareholders’ meeting or March 5, 2026, to elect independent directors and regain compliance. Filed At: 2025-03-07.
Previous Splits
Disclaimer: Data was sourced from filings using AI and may occasionally contain errors. Data is split adjusted
In the money
potentially in play
out of play
Pending Offering
Warrants
CANCELLED - July 2024 PIPE Warrants
$10.60
$0.00
The exercise price and number of shares for the July Warrant can be adjusted if there are stock dividends, splits, reorganizations, or similar events. If we issue common stock or convertible securities at a price lower than the current exercise price of the July Warrant (a "Dilutive Issuance"), the exercise price will drop to match the new lower price, and the number of shares will increase proportionally to keep the total exercise cost the same. However, the exercise price can't go below $2.70 per share. In August 2024, we issued convertible notes at $10.60. per share, so the July Warrant's exercise price was reduced to $10.60, and the number of shares increased to 2,853,773.
August 2023 - Warrants
$230.00
$0.00
N/A
April 2021 - Warrants
$121.20
$0.00
Firstfire GS Capital Jefferson Street Lucas Ventures Tysadco
Convertibles
December 2024 - 3rd Convertible Note (from intial 2/26/24 deal)
$4.18
Jefferson Street, Crom Cortana
If the Company fails to make any Amortization Payments when due, then each holder may alternatively elect to convert all or any portion of such holders December Notes at a conversion price equal to the lesser of (i) the Conversion Price, and (ii) 90% of the lowest VWAP of the common stock during the five (5) consecutive trading days immediately prior to such conversion (the Market Price). Notwithstanding the foregoing, the parties agreed the Market Price may not be less than $0.03438." (Form 8-K, Document Date: 2024-12-10)
August 2024 1st Convertible Note - Shareholder approval obtained 9/20
$16.00
August 2024 2nd Convertible Note - Shareholder approval obtained 9/20
$16.00
August 2024 3rd Convertible Note - Shareholder approval obtained 9/20
$10.60
July 2024 - Convertible Note
$15.40
Jefferson Street Crom Cortana
June 2024 - Convertible Note
$28.40
N/A
February 2024 - Convertible Note
$29.00
Jefferson Street Crom Cortana
December 2023 - Convertible Note
$33.80
N/A
October 2023 - Convertible Note
$40.20
N/A
September 2023 - Series A Convertible Preferred - Floor price of $2 ($40 split adjusted)
$40.00
N/A
The Series A preferred stock converts to common stock at a Conversion Price of $10.00 per share. This price will reset to the lower of $10.00 or 20% above the average of the volume-weighted average price over 20 trading days, starting 12 months after August 25, 2023. The Conversion Price will not exceed $10.00 or be less than $2.00 and is subject to standard adjustments. ***Floor price is $40 split adjusted 3/31/2025
August 2023 - Series A Convertible Preferred - Floor price of $2 ($40 split adjusted)
$40.00
N/A
The "Conversion Price" starts at $10.00 per share. It will reset to the lower of $10.00 or 20% above the average of the volume-weighted average price over 20 trading days, starting 12 months after the later of either the Proposed Charter's effectiveness or the registration of the Combined Company’s Common Stock linked to the FGMC Preferred Stock. The Conversion Price will not exceed $10.00 or drop below $2.00 and will adjust for stock dividends, splits, combinations, or similar recapitalizations of the FGMC Preferred Stock. ***Floor price is $40 split adjusted 3/31/2025
March 2023 - Convertible Note
$60.60
N/A
ATM
Shelf
Equity Line
Crom SPA - shares sold to CROM are priced at a discount to the market price, specifically 93% of the lowest volume-weighted average price (VWAP) over five trading days. The max shares Crom can own at once is 4.99% of the outstanding shares
-
$0.00
S-1
Completed Offerings
PRIVATE PLACEMENT, DEBT OFFERING, EQUITY LINE
-
8-K
Tokens
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