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In a recent development, iCoreConnect Inc. (NASDAQ:ICCT), a company specializing in prepackaged software with a market capitalization of $3.39 million, received notification from Nasdaq regarding non-compliance with listing rules due to a delayed annual report. The company’s stock has faced significant pressure, dropping over 89% in the past year and 37% in the last week alone. According to InvestingPro analysis, the company currently trades below its Fair Value. On April 16, 2025, Nasdaq’s Listing Qualifications Department informed iCoreConnect that its failure to file the Form 10-K for the fiscal year ended December 31, 2024, could lead to the delisting of its securities. The company, traded under the symbol (NASDAQ:ICCT), has been given until April 23, 2025, to present its position on this additional deficiency to the Nasdaq Hearings Panel, which will factor into the decision on the company’s continued listing on the Nasdaq Capital Market.
This issue adds to iCoreConnect’s existing challenges. On March 26, 2025, the company disclosed that PIGI Solutions, LLC claimed the right to auction off most of iCoreConnect’s personal property due to an alleged debt of approximately $2.4 million. iCoreConnect disputes this debt and the auction, which PIGI scheduled to close on or after May 9, 2025.
Further complicating matters, on April 7, 2025, iCoreConnect and its subsidiary, iCore Midco Inc., initiated legal action against PIGI and John Schneller for allegedly inducing them into a fraudulent finder’s fee agreement. They claim PIGI acted as an unregistered broker-dealer, rendering the agreement voidable. They seek rescission of the agreement, an injunction against PIGI’s enforcement of the agreement, and monetary damages.
In conjunction with the lawsuit, iCoreConnect requested emergency relief to halt the auction. A decision on the company’s request for a temporary restraining order is expected by April 25, 2025.
The information for this article is based on a press release statement from iCoreConnect. For comprehensive analysis of iCoreConnect’s financial health, including detailed metrics and expert insights, visit InvestingPro, where you’ll find exclusive financial health scores and real-time valuation updates.
In other recent news, iCoreConnect Inc. has entered into a strategic partnership with J&R Dynasty Corporation, operating as Florida Merchant Services. This collaboration aims to provide dental practices with iCoreConnect’s comprehensive cloud-based solutions, enhancing operational efficiency. Meanwhile, iCoreConnect faces a financial dispute with PIGI Solutions, LLC, with PIGI alleging a debt of approximately $2.43 million. PIGI plans to auction iCoreConnect’s assets, although the company is negotiating to settle the matter. Additionally, iCoreConnect has canceled warrants for 142,690 shares of its common stock to prevent potential dilution, aligning with its strategic initiatives to maintain equity stability. The company is also confronting a potential NASDAQ delisting due to failing to meet the minimum stockholders’ equity requirement. iCoreConnect plans to request a hearing with NASDAQ’s Hearings Panel to delay the suspension of trading. These developments are being closely monitored by investors and market observers.
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