It was a rough day in the markets for investors in Icanic Brands Company Inc (OTCMKTS:ICNAF) as the company’s stock suffered from a fairly steep selloff and went down by as much as 11%.
Market Action
On Monday, ICNAF stock moved down 10.63% to $0.0706 with more than 87.54K shares, compared to volume of 58.46K shares. The stock moved within a range of $0.0650 – 0.0800 after opening trade at $0.0741.
Icanic Brands Company Inc. Announces Corporate Name Change to Leef Brands Inc. and Provides Strategic Corporate Update
The company, which is based out of California and involved in cannabis manufacturing as well as extraction, announced yesterday that it had been provided with the approval by the Canadian Securities Exchange to change its name to Leef Brands Inc. It was a significant announcement from the company but it did not seem to sit well with investors and the stock suffered from a selloff. In light of the change of name, the Icanic Brands share would start trading under the ticker symbol LEEF from December 7, 2022.
In addition to that, the company was also granted a new ISIN and new CUSIP Number. On the other hand, the company would also have a new corporate website, which is www.Leefca.com.
Micah Anderson, who is the Chief Executive Officer of the company noted that everyone at the company was highly excited with the rebrand that the company underwent. He went on to note that this move was the final step with regards to the business combination between Icanic and Leef Holdings.
Technical Data
ICNAF stock is trading above the 20-Day and 50-Day Moving averages of $0.0665 and $0.0622 respectively. However, the stock is trading below the 200-Day moving average of $0.0859.
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