Why Is iCoreConnect (ICCT) Stock Up 36% Today?

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IcoreConnect (NASDAQ:ICCT) stock is rocketing higher on Thursday after the cloud-based software and technology company provided a share exchange update.

The big news here is shares of ICCT stock resumed trading on Wednesday after they were halted earlier this week. That halt was the result of some shares not properly converting following its special purpose acquisition company (SPAC) merger with FG Merger.

That news stopped shares of ICCT stock from trading for a time as the company fixed the issue. The problem had to do with some shares not using the proper post-SPAC merger conversion ratio following the combination.

ICCT Stock Movement

Investors will note that when shares of ICCT stock started trading again on Wednesday, it came with a massive amount of movement. That resulted in more than 67 million shares changing hands and the stock rallying 118.9%.

That movement is continuing on Thursday, with shares of ICCT stock seeing heavy trading again today. As of this writing, more than 1.4 million shares of the company’s stock have changed hands. That’s quickly closing in on its daily average trading volume of about 1.9 million shares.

One thing investors will want to keep in mind is that stocks that go public via SPAC merger can sometimes be volatile. This typically occurs in the days or weeks following the SPAC merger. Risk-averse traders might want to avoid these types of stocks due to this.

ICCT stock is up 35.9% as of Thursday morning.

Investors seeking out more of the most recent stock market news this morning are in the right place!

InvestorPlace offers up all of the latest stock market news worth reading about on Thursday! That includes the biggest pre-market stock movers this morning, the latest news concerning shares of AMC Entertainment (NYSE:AMC) stock, and more. All of that news is available at the links below!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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