iCoreConnect Inc. (NASDAQ:ICCT), a company with a market capitalization of $2.48 million and currently trading at $1.46, has entered into a Settlement and Mutual Release Agreement, effectively terminating a public auction of its assets, as per the company’s recent 8-K filing with the Securities and Exchange Commission. On May 6, 2025, iCoreConnect, along with its subsidiary iCore Midco Inc., reached an agreement with PIGI Solutions, LLC, and John Schneller, the defendants in a lawsuit initiated by iCoreConnect on April 4, 2025.
The dispute originated from a finder’s fee agreement, which iCoreConnect claims involved PIGI acting as an unregistered broker-dealer, thus rendering the agreement voidable under Section 29(b) of the Securities Exchange Act of 1934. PIGI had scheduled an auction of iCoreConnect’s personal property to settle a claimed debt of $2,434,243 in principal and interest.
The settlement stipulates that iCoreConnect will pay $3,099,747, which includes the amount owed to PIGI and related auction expenses, as well as $50,000 to the bidder of the assets. This payment must be completed by May 30, 2025, to prevent the auction. In exchange, the lawsuit will be dismissed with prejudice, and all parties will grant mutual releases.
This agreement allows iCoreConnect to retain control of its assets, averting the planned auction set to occur post-May 9, 2025. The company has confirmed its intention to meet the financial obligations of the settlement before the end of May.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.