Robert P. McDermott, the Chief Executive Officer of iCoreConnect Inc. (NASDAQ:ICCT), has made significant acquisitions of the company's common stock, according to a recent SEC filing. McDermott purchased shares totaling $49,421, with transaction prices ranging from $0.17 to $0.18 per share. These purchases occurred on November 25 and 26, 2024, adding to his growing stake in the company. The purchases come as the stock trades near its 52-week low of $0.15, having declined over 80% in the past year. InvestingPro analysis suggests the stock is currently undervalued, despite showing high price volatility.
In addition to these purchases, McDermott acquired shares through various transactions throughout the year, with a total acquisition value of $123,460 for non-derivative securities. The acquisition prices for these transactions ranged from $0.35 to $3.98 per share. McDermott's ownership following these transactions reflects his continued confidence in iCoreConnect's prospects, even as the company faces financial challenges. InvestingPro data reveals the company achieved 43% revenue growth in the last twelve months, though it maintains a significant debt burden. Subscribers can access 8 additional key insights about ICCT's financial health and market position.
In other recent news, iCoreConnect has been making strides in the healthcare sector, expanding its partnerships and streamlining its operations. The company recently enhanced its collaboration with the Arizona Dental Association by earning endorsements for two additional products. Furthermore, it secured an endorsement agreement with the Delaware State Dental Society, extending its reach to approximately 155,000 dental professionals across the U.S.
In a move to bolster its position in the healthcare sector, iCoreConnect acquired assets from the Healthcare Circle of Excellence, launching a new division and website to support local healthcare practices. Concurrently, the company divested its Managed Service Provider Division to The 20, LLC, allocating resources to its core Software (ETR:SOWGn) as a Service offerings.
iCoreConnect also made significant board changes, appointing Wayne Kalish and Yvonne Hyland, and secured shareholder approval for key proposals, including the issuance of common stock. These developments were part of the company's efforts to regain compliance with Nasdaq listing rules.
Lastly, the company expanded its operations into Tennessee, earning an endorsement from the Tennessee Dental Association for seven of its software solutions. These are the recent developments in iCoreConnect's operations.
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