ICOA Inc. (OTCMKTS:ICOA) Stock Falls On Profit Booking After The Acquisition News

Shares of ICOA Inc. (OTCMKTS:ICOA) pulled back after the recent jump. The stock has gained 35% over the past week.

Market Reaction

On Monday, ICOA stock ended lower by 15.62% to $0.0108 with 640.60 million shares, compared to its average volume of 117.97 million shares. The stock has moved within a range of $0.0104 – 0.0155 after opening trade at $0.0146.

BGBF Acquired by ICOA for 240 Million

ICOA, Inc. (OTCMKTS:ICOA), a Nevada based company that is venturing into the DeFi, Blockchain, NFT and Metaverse market, via several acquisitions announced the closing of its acquisition of BGBF on December 20, 2021. BGBF is the 1st insured Bitcoin Fund of South East Asia.

The Letter of Intent has been officially signed, while the terms have been finalized as well. The company’s management has decided to go ahead with the closing of its BGBF acquisition in a transaction that is valued at USD 240,000,000. As part of the deal, the company is acquiring 100% of BGBF in return for RESTRICTED PREFERRED shares of ICOA.

Hadria Wong, CEO of ICOA Inc. states that shareholders and investors can finally rest easy after knowing this piece of news that the BGBF is now part of the ICOA. They are thrilled regarding this development and look forward to exciting opportunities in the future.

He credits the team for working diligently when it comes to laying the groundwork for ICOA becoming one of the key players in the DeFi, Crypto, NFT and Metaverse in future. Under Dr, Vin Menon’s tutelage, they expect iBG (IBG Finance was the company’s first acquisition in the DeFi space) and BGBF to become well-known brands in the industry.

Traders Review

ICOA  stock is trading above the 20-Day and 200-Day Moving averages of $0.0095 and $0.0055 respectively. However, the stock is trading below the 50-Day moving average of $0.0127.


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