Icon Media Holdings (OTCMKTS:ICNM) Stock Sees Heavy Selling Pressure: But Why?

Icon Media Holdings (OTCMKTS:ICNM) dropped 38% in no news. The company is a diversified tech operator specializing in infrastructure and technical services in wireless and cellular markets. Through Spectrum Velocity LLC subsidiaries, Icon Media offers WiFi technical design, consulting and implementation, and turnkey distributed antenna systems services. Its client base includes enterprise and wireless sectors customers.

In 2017 the company announced the signing of a non-binding letter of intent to acquired assets of a top radio frequency (FR) engineering company. As per the agreement terms, the company will acquire several intellectual properties, patents, and manufacturing equipment.

Since its inception over a decade ago, Icon Media has been a leader in the design, engineering, and production of RF devices globally. CEO Rob Deakin stated that the RF engineering company they are buying assets from would bring leadership experience in the industry. In addition, they are delighted to add another talented group to the Icon Media team. ICNM is worth watching in the coming weeks.

Market Reaction:

On Thursday, ICNM stock slumped 37.50% at $0.0005 with more than 127.14 million shares, compared to its average volume of 195.82 million shares. The stock has moved within a range of $0.0005 – 0.0007 after opening the trade at $0.0007.

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