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In a recent development, iCoreConnect Inc., a Delaware-incorporated company specializing in prepackaged software services, disclosed a significant financial dispute with PIGI Solutions, LLC. The conflict revolves around a claim by PIGI alleging that iCoreConnect owes it approximately $2.43 million, encompassing principal, interest, legal fees, and costs. According to InvestingPro data, the company already carries a total debt of $11.98 million and maintains a concerning current ratio of 0.11, indicating potential liquidity challenges.
The notice, received by iCoreConnect on March 10, 2025, states PIGI’s intention to exercise its rights as a secured creditor to auction off virtually all of iCoreConnect’s personal property. This auction, as per PIGI’s assertion of rights under the Uniform Commercial Code, is scheduled to take place on or after May 9, 2025. The company’s stock has already suffered significantly, with InvestingPro data showing a 98.33% decline over the past year and currently trading at $0.40, near its 52-week low of $0.39.
iCoreConnect, however, is challenging both the claimed debt and PIGI’s entitlement to auction the company’s assets. While the company is actively engaged in negotiations with PIGI to settle the dispute and halt the planned auction, there is no guarantee that these efforts will prevent the auction from proceeding as scheduled.
The disclosure was made through a Form 8-K filing with the Securities and Exchange Commission by iCoreConnect, whose common stock is listed on The NASDAQ Stock Market LLC under the trading symbol ICCT. The information is based on a press release statement from the company, which is currently led by President and Chief Executive Officer Robert McDermott.
Investors and stakeholders are closely monitoring the situation, as the outcome of these discussions and the potential auction could have a significant impact on iCoreConnect’s financial standing and operational capabilities. With an Overall Financial Health Score rated as "WEAK" by InvestingPro, and 11 additional key insights available to subscribers, the company’s ability to resolve the issues amicably with PIGI will be crucial in the upcoming weeks leading to the proposed date of the public auction.
In other recent news, iCoreConnect Inc. has made a strategic decision to cancel warrants for purchasing 142,690 shares of its common stock. This move aims to prevent potential dilution of its stock value, as the canceled warrants had provisions that could increase the number of warrants and lower the exercise price if new shares were issued at a lower price. This decision is part of iCoreConnect’s efforts to maintain a stable equity base, as documented in a recent SEC filing. However, the company is also facing challenges, as it received a notification from NASDAQ regarding a failure to meet the minimum stockholders’ equity requirement of $2.5 million. iCoreConnect was given a deadline to comply, but as of the specified date, it had not met the requirement, leading to the prospect of delisting. In response, the company plans to request a hearing with NASDAQ’s Hearings Panel to delay the suspension of trading. These developments are being closely monitored by investors, as the outcome will significantly impact iCoreConnect’s financial standing and market presence.
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