iCoreConnect to be delisted from Nasdaq

iCoreConnect Inc. (NASDAQ:ICCT), a provider of prepackaged software services whose stock has plummeted 90% over the past year and currently trades at $1.86, is set to be delisted from the Nasdaq Stock Market LLC, according to a recent SEC filing. According to InvestingPro analysis, the company faces significant financial challenges with a concerning debt-to-capital ratio of 0.82. The company, which has been out of compliance with Nasdaq’s listing rules due to delayed filings, received a determination letter on May 20, 2025, from the Nasdaq Hearings Panel.

The delisting action is a result of iCoreConnect’s failure to file its annual Form 10-K for the year ended December 31, 2024, as well as its quarterly Form 10-Q for the quarter ended March 31, 2025. Despite being granted an extension until May 15, 2025, to file its Form 10-K and until June 30, 2025, to demonstrate compliance with all listing requirements, the company did not meet the extended deadlines.

Trading of iCoreConnect’s common stock on Nasdaq will be suspended starting from the opening of business today, May 22, 2025. Nasdaq will file a Form 25 Notification of Delisting with the SEC after the review periods have expired. iCoreConnect has the option to appeal the Panel’s decision, but such an appeal would not stay the suspension of trading on Nasdaq.

Following the delisting, iCoreConnect’s common stock is expected to be quoted on the OTC Market. This transition to the over-the-counter market is typical for companies that no longer meet the listing requirements of major exchanges.

The delisting is a significant event for iCoreConnect and its shareholders, as it affects the visibility and liquidity of the company’s stock. The information disclosed is based on an SEC filing by iCoreConnect.

In other recent news, iCoreConnect Inc. has settled a lawsuit with PIGI Solutions, LLC, avoiding a public auction of its assets. The company agreed to pay $3,099,747, which includes the claimed debt and related expenses, ensuring the dismissal of the lawsuit and mutual releases between the parties. Additionally, iCoreConnect received an extension from NASDAQ to meet listing standards, giving them until May 15, 2025, to file their overdue annual report. This extension follows a Public Reprimand Letter from NASDAQ due to non-compliance with certain listing requirements. Furthermore, iCoreConnect has entered into a strategic partnership with Florida Merchant Services to enhance operational solutions for dental practices. This collaboration aims to streamline billing and insurance processes, potentially improving efficiency and reducing costs for dental practices. Investors are closely watching these developments as iCoreConnect navigates its financial and operational challenges.

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