Over the course of the past week, International Consolidated Companies (OTCMKTS:INCC) has been in the middle of major focus among investors and that becomes apparent when one takes a look at the price action in its stock.
The rally in the stock continued yesterday as further interest resulted in gains of 20% for the day. More importantly, the gains yesterday took its gains for the past week to a staggering 220%. The rally over the course of the past week in the International Consolidated Companies stock has been triggered by news about the potential acquisition of SoundTech AI Inc by the company.
The company had signed a letter of intent earlier on this month with regards to the acquisition of SoundTech AI Inc. However, on July 15, International Consolidated Companies announced that the acquisition is going to be closed no later than July 30, 2021.
As per the provisions of the agreement that was signed between the two companies, International Consolidated Companies is going to acquire the entirety of all the outstanding shares in SoundTech AI. In exchange, the company is going to get preferred X shares in SoundTech AI that is worth as much as $150 million. Hence, the excitement of investors regarding the International Consolidated Companies stock is understandable.
Market Reaction:
On Wednesday, INCC stock surged 20% at $0.0042 with more than 684.77 million shares, compared to its average volume of 164.53 million shares. The stock had moved within a range of $0.0033 – 0.0049after opening the trade at $0.0037. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0088.
 Stock Soars 280% in a Week: Here is Why){kind=link}