Publicly traded Nevada firm Icoa Inc (OTCMKTS:ICOA), which provides wireless and wired broadband internet networks in high-traffic public locations, on October 8, 2021, confirmed canceling of 2.5 billion outstanding common shares to date.
The firm had outlined a strategy on improving the balance sheet and the cancellation of 2.59 billion common stock besides settlement and cancellation of convertible debentures is a part of that. ICOA will be finalizing settlement as well as debt cancellation besides giving some updates in the next few weeks.
To expedite things, the approval of shareholders will be taken on the acquisition targets. The company will also advise shareholders on proceeding with the acquisitions before completion of the settlement as well as cancellation of debt.
ICOA has also stated that it is in advanced talks for entering the NFT space. George Strouthopoulos, Chief Executive Officer of the company said that every move made has contributed to the bigger plan of creating fresh and exponential value for its shareholders. The CEO said that the cancellation of outstanding shares is a small part of the holistic picture. Furthermore, the company has invited shareholders and investors to closely watch its social media handles for updates on the developments.
IOCA is making efforts on entering the Defi, Blockchain and Crypto Space through several acquisitions.
Market Reaction:
On Monday, ICOA increased 10.77% at $0.0216 with more than 41.89 million shares, compared to its average volume of 95.72 million shares. The stock has moved within a range of $0.0195 – 0.0222 after opening the trade at $0.0196.
