ICOA Inc. (OTCMKTS:ICOA) fell 79% after the Nevada-based firm that focuses on acquisitions of blockchain-enabled firms and projects issued an Official Company Statement offering clarity plus a shareholders update about the Caveat Emptor (CE) placed on its ticker after the Friday, May 13, 2022 trading hours.
Trading Data
On Monday, ICOA stock slumped 79% to $0.0009 with more than 245.84 million shares traded, compared to volume of 56.91 million shares. The stock moved within a range of $0.0002 – 0.0015 after opening trading at $0.0009.
Official Company Statement Regarding Caveat Emptor
A CE security is one the OTC Markets Group assigns to equity after determining that it is a potential risk to investors, such as shady stock promotion, a regulatory suspension, a known fraudulent activity investigation committed by insiders or the company, or disruptive company actions.
The current ICOA management was informed of the situation after the CE was placed on the ICOA ticker on May 13, 2022, and didn’t understand the reason for this. Following internal inquiries and information submitted by ICOA stockholders on the firm’s public Discord channel, the CE placement appears to be related to a legal issue involving ICOA’s previous leadership team. So, ICOA is worth watching in the coming weeks.
Key Quote
Hadria Wong, ICOA CEO, comments: “Myself and my colleagues would like to provide reassurance that we, along with experienced counsel, are working tirelessly to navigate the current issue with the best interest of our shareholders in mind.”
Technical Data
ICOA stock is trading below the 20-Day and 50-Day Moving averages of $0.0044 and $0.0061 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0085.
