After securing a reverse merger with a logistics and fintech company, Icon Media Holdings, Inc. (OTC: ICNM) is gaining momentum as it is preparing to announce a major acquisition. With speculations growing regarding the acquisition target, many investors are bullish this deal could set the company for substantial growth in the future. Considering the bullish sentiment surrounding this acquisition, ICNM stock recently climbed 89% overnight on the company’s announcement. As the acquisition appears to be right around the corner, ICNM could be one of the best penny stocks to buy this month in anticipation of more news.
ICNM Stock News
On December 21st, ICNM became current with the OTC and is on its way to executing the path laid out under its custodian – Alpharidge Capital, LLC. Thanks to Frank Igwealor’s management, ICNM is initiating a share restructure and a reverse merger to to generate value for its shareholders. With over twenty-six years of management experience, Igwealor has successfully brought many companies to lucrative mergers as CEO, CFO, or custodian.
With that in mind, the company is in the process of filing for a share reduction and has already managed to reduce ICNM’s AS from 20 billion to around 10 billion. As is typical of Frank Igwealor’s custodianships, ICNM intends to “go after the toxic and predatory lenders that have been milking the corporation” through dilution. With this goal in mind, ICNM has engaged legal counsel to review it’s shareholder list to identify outstanding shares “issued in certificate form that might possibly be eliminated”. This is to reduce the bloated AS as needed in the upcoming months.
As per its latest quarterly report, ICNM has solid plans to find a merger candidate that will assist the company in shifting towards blockchain multimedia technology. While details surrounding the merger candidate and terms of transaction have not yet been determined, ICNM expects to complete the merger by Q1 2022. Nonetheless, investors are bullish ICNM’s merger is in good hands given that Frank Igwealor’s past tickets such as JPX Global, Inc. ‘s (OTC: JPEX) have merged with profitable companies and generated massive returns.
Many investors see ICNM’s potential as a promising clean shell. As with all of Alpharidge’s tickers, ICNM has a clause guaranteeing there will not be any dilution or reverse splits for the next 2 years. Now that the company is current and once its share reduction is reflected on its OTC Markets profile, investors can likely look forward to a merger announcement. Depending on the merger candidate, ICNM could be one of the best penny stocks to buy ahead of 2022.
*Updated December 9th, 2022
With the company looking to become operating, ICNM executed an LOI earlier this year to reverse merge with Eastwin8 Pte Ltd – a Singapore-based company operating in logistics and fintech. Through its digital platform – Vite – Eastwin provides solutions to businesses allowing them to conduct ecommerce with full integration of logistics networks. In this way, businesses are able to have full control over their deliveries from last mile, cross border to international shipping. With this in mind, Vite’s tracking technology provides instant updates on the status and location of deliveries at any time. With the company now looking to enter into the US market, ICNM stock could be one of the best penny stocks to buy in anticipation of more news from the company.
On that note, major updates could be coming from ICNM in the coming weeks as the company recently shared that it intends to make a major acquisition. With this in mind, ICNM has previously shared that it would not discuss mergers and acquisition in public until such deals are completed. In light of this, many investors are bullish ICNM could be one of the best penny stocks to buy since the news could send the stock to new highs.
With that in mind, some investors are speculating ICNM’s upcoming acquisition could be Viagoo – another Singapore-based logistics company. These speculations are largely fueled by the connections between both companies since the company’s officer Joseph Siew Hoong Lee was the former CEO and founder of Viagoo. At the same time, Viagoo has plans to become publicly listed in the US market as its CEO Alan Chow tweeted about his intention to make announcements regarding Viagoo’s listing next month. If these speculations prove to be true, ICNM could witness a major run on more updates – making it one of the best penny stocks to buy this month.
Meanwhile, ICNM is undergoing a PCAOB audit to become fully SEC reporting. Moreover, the company is in talks with professionals to discuss its acquisition strategy and uplisting road map. Based on these plans, ICNM’s much anticipated acquisition could set the company for substantial growth. In this way, holding ICNM stock in anticipation of more news could prove to be a profitable investment.
Media Sentiment
@WhalePenny is accumulating shares of ICNM at its current PPS in anticipation of the acquisition.
@PikachOTC is confident ICNM could break past $.002 on more updates regarding the acquisition.
Technical Analysis
ICNM stock is currently trading at its resistance at $.0011 and shows another resistance near .0015. Meanwhile, the stock shows supports at .0008 and .0006. After sharing its intention to make a major acquisition, ICNM soared 89% overnight as the company appears to be close to becoming operating. While the stock has lost some of its momentum, ICNM could be poised for another run soon once more updates regarding the acquisition are announced.
In the meantime, ICNM is trading at its resistance after failing to break through it earlier. At the same time, the stock appears to be holding its 200 MA support. Based on this, investors could watch the 200 MA to identify their entries. If the 200 MA continues holding as a support, a good entry point could be on retests of the MA. However, if the stock breaks through this support, a good entry could be found near $.0008 where the stock has a gap to fill.
Accumulation is witnessing a slight downtick after its major spike on the company’s recent update regarding a major acquisition. This downtick could be mainly due to investors taking profits thanks to ICNM’s impressive run. Similarly, the MACD is bearish to the downside. Meanwhile, the RSI is holding at 43 which could be a bullish signal of a run in the near term if the stock witnesses a high trading volume. With this in mind, ICNM has an OS of 10.5 billion and a float of 8.7 billion.
ICNM Stock Forecast
With a major acquisition planned, ICNM stock is landing on investors’ radars as the stock could be poised for a strong run once an announcement is made. Since the company promised not to share news regarding mergers and acquisitions unless a deal is complete, ICNM’s major acquisition could be announced in the coming weeks. Given that the company is currently auditing its financials to facilitate an uplist, ICNM’s upcoming acquisition could be truly major – making it one of the best penny stocks to buy now.
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