People are selling because the company was suspended for 6 months, initially to complete an acquisition, which fell through, but then subsequently by the ASX for issues pertaining to he previous capital raise, with people who were issued stock, selling out on market before the 3b was issued?
It is never a good look for a company to be suspended for an extended period of time, regardless of who was at fault.
For those shareholders that bought into ICI for cyrpto / NOX exposure and potential revenue generation of marketing the NOX coin in the games, we have well and truly missed the peak in the cyrpto hype that rolled off hard post Christmas, whilst shareholders of this stock were left holding the bag & couldn't do a thing about it.
As per the court's directive, no costs have been awarded, so ICI has had to pay the cost of their legal representatives and if you were an effected shareholder with the issuance of stock from the last placement and don't like the decision handed down, you can make an appeal. As for everyone else, it seems as though tough titties.
One announcement in regards to a daily revenue number for a new game doesn't change the game overnight. Whilst it sounds encouraging, as we know the daily revenue numbers will either tail off over a short period of time or continue to grow as the game penetrates the market further. The market will need to see the monthly run rate / revenue flowing through into the quarterly statement.
ICI Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
