As a holding company with a strong focus on the cannabis industry, Eyecity.com, Inc. (OTC:ICTY) is committed to growing shareholder value through the acquisition of revenue generating companies. After the company’s press release on October 14th announcing a temporary injunction on its shares reduction, ICTY stock witnessed steady growth increasing 99.7% over an eleven day period. The stock has since dipped, but ICTY has a number of catalysts this month to watch for.
The company announced its plans to reduce shares by 1.6 billion in mid October – a follow up on its initial share reduction in March. As per its quarterly report, the company currently has plans to find a merger candidate. ICTY is a clean shell with no debt or convertible notes. Its management has also shared that it has no plans for dilution or to pursue a reverse split.
The company is currently in legal proceedings to invalidate the1.6 billion shares currently owned by Salvatore Russo, POP Holdings LTD, HE Capital SA, and Pearl Street Advisors, LLC. A Temporary Injunction has been put in place to prevent them from transferring their shares before the court’s final decision regarding whether the shares were fraudulently obtained. Investors are waiting on the decision to see how ICTY’s share structure would be affected, since the company currently has 10 billion authorized shares of which 8.5 billion are outstanding.
Meanwhile, the company has been reviewing several business opportunities and merger candidates in hopes of finding the right candidate to generate value for shareholders. While the merger candidate and sector is still unknown, in 2020 the company considered merging with Carex Blockchain Platform but the agreement fell through. Whether ICTY enters into a similar agreement remains to be seen, but speculative investors are excited for the company’s prospects post-merger.
Investors are feeling bullish on ICTY stock in part due to its CEO and owner – Bradley Wilson – who owns 500 million in common stock shares or 5.6% of the available shares. This is a good sign of ICTY’s growth potential.
The company has announced plans to update shareholders throughout the month – intensifying investors’ anticipation for ICTY’s merger and share reduction. Regularly communicating via its official Twitter and website, investors can expect more information from the company soon.
ICTY stock is currently trading at its resistance of $.0024. The stock could break through its resistance point or fall to its support at .0020. Meanwhile, the RSI is holding at 50 and accumulation has remained steady after spiking at the end of October. The MACD has also had a bullish crossover.
Should you buy?
ICTY is becoming a stock to watch in anticipation of its incoming merger. Investor excitement is continuing to build as they wait for updates from the company’s management throughout this month. As a clean shell with no debt, convertible notes, or reverse splits planned, ICTY makes for an attractive shell. With this in mind, the merger candidate could be from any sector but the CEO’s 500 million shares of common stock is a bullish sign that the merger could bring a good return on investment for shareholders. The share reduction – if finalized in court – could also improve the company’s share structure, leading some FinTwit influencers to give a price target of $.006 if ICTY breaks through its current resistance at $.0024.
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