It was a bit of a rollercoaster ride for the International Consolidated Companies (OTCMKTS:INCC) stock last week and investors are expected to keep an eye on the price action in the stock today.
This past Friday, the stock suffered from a bit of a selloff and went down by as much as 24.50%. Despite the decline on Friday, the International Consolidated Companies stock actually ended the week with gains of 20%. While there was no specific news about the company last week, it needs to be noted that back on July 15 the company had announced that it reached a definitive agreement with regards to the acquisition of SoundTech AI Inc.
At the time, it was also announced by International Consolidated Companies that the transaction was going to be closed no later on July 30, 2021. As the day for the closure of the transaction approaches, it is likely to bring the stock into focus among many investors over the course of the coming days.
As per the terms of the agreement, International Consolidated Companies is going to complete the transaction by completing the acquisition of the outstanding SoundTech shares of the preferred X common stock in its entirety for a consideration of $150 million.
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.