This morning you could do well to keep an eye on the action in the Iconic Brands Inc (OTCMKTS:ICNB) stock, which had emerged as a major gainer last Friday and managed to deliver gains of as much as 11%. In light of the handsome gains, it may be a good idea to take a look at the development which might have led to the move.
Trading Data
On Friday, ICNB stock moved up 10.86% to $0.49 with more than 24k shares, compared to its average volume of 47K shares. The stock has moved within a range of $0.4310 – 0.4985 after opening trade at $0.4775.
Key Details
The company announced on Friday that along with its fully owned subsidiary company TopPop LLC it managed to successfully completed the last tranche of the private placement offering that it had announced previously. The placement had been closed on January 5, 2022.
It was announced that the company managed to bring in $10.8 million in the form of net proceeds from the private placement. However, how is the money going to be used? Iconic Brands announced that it was going to use the proceeds from the placement for the purposes of expansion of its Bellissima brand both in the United States and at a global level.
That bit may have come as a source of excitement for investors and it is now going to be interesting to see if more investors flock to the stock.
Key Quote
Iconic Chief Executive Officer, Larry Romer, said, “We are extremely grateful and proud of the new capital which comes at a pivotal time when we are involved in many exciting initiatives: launching a new line of Bellissima zero sugar still wines in the first quarter, building out our new 64,000 sq. ft. Pennsauken, NJ manufacturing facility, gearing up for increased production in Q1 2022, as well as other initiatives. We are thankful for the support from our investors and the confidence they have placed in our team.”
Technical Data
ICNB stock is below the 20-Day and 50-Day Moving averages of $0.54 and $0.64 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.49.
