In a recent development, iCoreConnect Inc., a Delaware-incorporated company specializing in prepackaged software services, disclosed a significant financial dispute with PIGI Solutions, LLC. The conflict revolves around a claim by PIGI alleging that iCoreConnect owes it approximately $2.43 million, encompassing principal, interest, legal fees, and costs. According to InvestingPro data, the company already carries a total debt of $11.98 million and maintains a concerning current ratio of 0.11, indicating potential liquidity challenges.
The notice, received by iCoreConnect on March 10, 2025, states PIGI’s intention to exercise its rights as a secured creditor to auction off virtually all of iCoreConnect’s personal property. This auction, as per PIGI’s assertion of rights under the Uniform Commercial Code, is scheduled to take place on or after May 9, 2025. The company’s stock has already suffered significantly, with InvestingPro data showing a 98.33% decline over the past year and currently trading at $0.40, near its 52-week low of $0.39.
iCoreConnect, however, is challenging both the claimed debt and PIGI’s entitlement to auction the company’s assets. While the company is actively engaged in negotiations with PIGI to settle the dispute and halt the planned auction, there is no guarantee that these efforts will prevent the auction from proceeding as scheduled.
The disclosure was made through a Form 8-K filing with the Securities and Exchange Commission by iCoreConnect, whose common stock is listed on The NASDAQ Stock Market LLC under the trading symbol ICCT. The information is based on a press release statement from the company, which is currently led by President and Chief Executive Officer Robert McDermott.
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