Although the International Consolidated Companies (OTCMKTS:INCC) stock fell sharply on Friday and tanked by as much as 24.50%, it should be noted that the stock still ended last week with gains of 20%.
In light of the correction in the stock on Friday, it might be a good time for investors to figure out if it might be a fresh opportunity to get into it or not. The rally might have been triggered by the fact that on July 15 International Consolidated Companies announced that after having signed a letter of intent with regards to the acquisition of SoundTech AI Inc, the company was going to close the transaction no later than July 30, 2021.
It was a major development for the company and was possibly the reason why investors piled on to the stock in a big way last week. As per the terms of the agreement between the two companies International Consolidated Companies is going to take over all the outstanding shares of the preferred X stock in SoundTech AI. Those shares are valued at $50 million. It is a significant acquisition for the company and it is going to be interesting to see if the International Consolidated Companies stock can mount a recovery next week.
Market Reaction:
On Friday, INCC stock slumped 24.50% at $0.0037 with more than 755.38 million shares, compared to its average volume of 200.54 million shares. The stock had moved within a range of $0.0035 – 0.0051 after opening the trade at $0.0050. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0088.
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