Source: Investing Published 12/08/2024, 13:23
iCore Connect Inc. (NASDAQ: ICCT), a provider of pre-packaged software services, is at risk of being delisted from the Nasdaq Stock Market following recent changes to its board of directors. The company was notified on August 7, 2024, that it no longer meets NASDAQ’s requirements for a majority of independent directors on its board of directors, as well as the required composition of its audit and compensation committees.
This notice of noncompliance resulted from Harry Travis’ resignation from the Board of Directors on June 30, 2024, leaving iCore Connect without the required majority of the Board of Directors and committee independence as set forth in Nasdaq Listing Rules 5605(b)(1)(A) and 5605(c)(4). The Company is no longer eligible for the cure period normally granted to restore compliance with these rules.
iCore Connect has 45 calendar days from the date of the notice to submit a plan to Nasdaq detailing how it intends to restore compliance. If NASDAQ accepts this plan, the Company may be granted an extension of up to 180 calendar days from the date of the initial notice to demonstrate compliance.
In a move that may be considered part of its efforts to address the compliance issue, iCore Connect announced the appointment of Yvonne Hyland to its Board of Directors on the same day it received the notice of delisting. Hyland’s appointment includes service on the Audit Committee, Compensation Committee and Nominating and Governance Committee of the Board of Directors
She will receive the standard compensation program for non-employee directors. Information regarding these corporate developments is based on the company’s recent press release and filing with the Securities and Exchange Commission. The company, formerly known as FG Merger Corp., is headquartered in Ocoee, Florida and incorporated in Delaware. Its current business address and contact details remain unchanged from the previous report.
In other recent news, iCore Connect Inc., a provider of pre-packaged software services, has been grappling with the possibility of being delisted from the Nasdaq Stock Exchange due to its failure to comply with the exchange’s minimum offering price requirements.
The company has been given 180 days to meet the offering price requirements, with the possibility of an additional 180 days if all other initial listing criteria are met. In response, iCore Connect is exploring all options available to address this issue, including the possibility of a reverse stock split.
In other recent developments, iCore Connect announced amendments to its financial agreements and the issuance of new equity securities. The Company extended the maturity dates of two convertible promissory notes to July 31, 2024, and issued additional shares of common stock to holders of the notes as an incentive. In addition, a new convertible promissory note was issued in the principal amount of $397,622.
In addition, iCore Connect expanded into Tennessee, where it received endorsement from the Tennessee Dental Association for seven of its software solutions. This endorsement is part of CareConnect’s growth strategy, which includes obtaining product endorsements from state health care associations and initiating co-marketing campaigns.
The Company currently has a portfolio of 16 enterprise SaaS solutions and more than 100 product endorsements from state or regional health care associations in the United States.
Investing Pro Insights
In light of the recent challenges faced by iCore Connect Inc. (NASDAQ: ICCT) When it comes to compliance with Nasdaq listings, it is important for investors to consider the company’s financial health and market performance. According to InvestingPro data, iCore Connect operates with a small market cap of around $4.79 million.
The company has shown revenue growth, with a 16.06% increase over the past twelve months as of Q1 2024, and a notable 47.98% growth in quarterly revenue in Q1 2024. However, the financials also reveal some concerns: iCore Connect is currently not profitable, having recorded a negative operating income margin of -132.47% and a significant decline in EBITDA of -159.51% over the past twelve months as of Q1 2024. Furthermore, the stock has seen a significant decline, with a one-year total return of 95.6%. InvestingPro’s advice suggests that the stock is in oversold territory, which could be of interest to contrarian investors. Additionally, the company’s short-term liabilities exceed its liquid assets, which could raise doubts about its financial stability in the near future.
