Meme Tracker | ICCT Surged 117% after resuming trading; AMC still troubled

1. SPAC $iCoreConnect(ICCT)$ skyrockets 117% after it resumed trading on Wednesday

$iCoreConnect(ICCT)$ jumped 117% when it resumed trading on Wednesday, August 30, 2023.

Several days ago, healthcare technology company $iCoreConnect(ICCT)$ completed its business combination with FG Merger Corp, a special purpose acquisition company (SPAC)

Shareholders of ICCT received one share of the new company for every 29.84 shares of ICCT that they held prior to the closing of the business combination. The equivalent share price was calculated to be $5.71 based on the closing price of ICCT common stock on August 25, 2023, which was $0.19 per share.

$iCoreConnect(ICCT)$ closed at $5.64, near the calculation price of the conversion plan.

However, trading of ICCT's securities on Nasdaq was temporarily halted as shares did not convert properly using the post-business combination exchange ratio.

2. $AMC Entertainment(AMC)$ rebounds over 20% but still troubled and volatile

Since AMC proposed to convert $AMC Entertainment Preferred(APE)$ to common stock, the stock price begins roller-roaster ride but mostly downward.

AMC's stock price decreased by almost 80% since the settlement was approved on August 11. Additional share sales could further decrease the stock price.

For one thing, investors engaged in legal battles and try to halt the conversion of APE preferred units into common stock.

For another, AMC Entertainment short-sellers have made more than half a billion dollars betting against the meme stock in August. Short-sellers have booked $522m in profits so far this month on the back of a 75% stock decline, according to financial analytics provider ORTEX.

The options of $AMC Entertainment(AMC)$ also rose to record high. The high volume of put and call options means the market is divided and more volatility ahead.