ICOA Inc. (OTCMKTS:ICOA) was up 13% after the Nevada-based company that is foraying into the Crypto, DeFi, Blockchain, and NFT sector through acquisitions announced that it had settled and written off the accrued debt of around $1.24 million.
Trading Data
On Wednesday, ICOA stock surged 12.50% to $0.0108 with more than 72.87 million shares, compared to its average volume of 78 million shares. The stock has moved within a range of $0.0100 – 0.0130 after opening trade at $0.0128.
ICOA Settles & Writes Off 1.24 Million in Debt
The debt settlement and write-off is part of the company’s ongoing reorganization and focus on new business direction. ICOA is looking to settle and write off completely its remaining debt in weeks to come.
Chief Executive Officer of ICOAErwin Valhsing Jr. said that the debt settlement is one of the final steps in the company’s reorganization plan. Erwin said that cleaning up the company’s balance sheet is a move that will give ICOA and its shareholders a strong foundation to grow on.
Following the recent IBG acquisition and subject to the closing of BGBF, the company is in pole position to enhance shareholder value considerably. In addition, the company owns and runs broadband access installations in high-traffic areas. So, in the coming weeks, investors should watch ICOA.
Key Quote
Erwin Vahlsing Jr., Chief Financial Officer of ICOA, Inc. added “This is one of the last steps in our reorganization plan. Cleaning up the balance sheet and giving ICOA and its value shareholders a solid foundation to build on. With the recent acquisition of IBG and the pending closing of BGBF, we find ourselves in a perfect position to create shareholder value exponentially.”
Technical Data
ICOA stock is trading below the 20-Day and 50-Day Moving averages of $0.0126 and $0.0158 respectively. However, the stock is trading above the 200-Day moving average of $0.0048. The stock is down 44% in the past month.
