Wednesday, August 16, 2023
iCoreConnect Inc. (ICCT)
Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
An Asymmetric Return Profile SPAC. iCoreConnect Inc. (OTC; ICCT) will merge with FG Merger Sub Inc., a wholly owned subsidiary of FG Merger Corp. (Nasdaq; FGMC). In connection with this merger, FGMC will change its name to iCoreConnect Inc. Management believes this is a unique convertible preferred stock asymmetric return structure transaction for FGMC holders, as the preferred will pay a 12% dividend and offer downside protection. The merger is targeting unlocking value in ICCT, and seeking uplisting ICCT to Nasdaq to gain better access to capital. The merger is expected to close mid-to-late August 2023.
Secular Drivers of Growth. iCoreConnect’s target customers are healthcare providers, dental support organizations, hospitals, and payors. Customers are seeking to reduce costs, improve profitability, and achieve better compliance with regulatory mandates through cloud-based multi-solution SaaS (Software as a Service) applications. The SaaS market is estimated to grow nearly 18% annually through 2028, but iCoreConnect expects to grow substantially faster, with an increasing sales reach as the Company expands its commercial sales force.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
