At nearly the same time today as yesterday’s volume spike on the penny stock of AREM, Iconic Brands Inc. (ICNB) has just taken a shot of “go-go” juice. Just after lunch time, ICNB stock price has already surged 400% to 0.03, on volume of 3,226,052. Quite an anomaly considering Iconic Imports Inc., a wholly owned subsidiary of Iconic Brands Inc., filed a voluntary petition for relief under chapter 7 of the United States Bankruptcy Code on September 23, 2011.
Get ICNB stock on your list of penny stocks to watch immediately. It has momentum and could take off for a number of reasons.
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ICNB Stock Chart
Last: 0.03, up 0.024 (400.00%)
Average Trade Size: 24,985
Authorized Shares: 100,000,000
Shares Outstanding: 49,555,062
Rumors are escalating with updates having occurred in recent days on the domain and certain trademark information websites about Iconic having a resurgence. Even though the most recent financial information available was the 10-K filed by the Company for the year ended December 31, 2010 with the SEC, traders are taking shots today of the novelty alcohol distributor who had 100,000,000 authorized shares and 52,519,307 outstanding at that time.
The good news is that Iconic was an SEC filer in the past and never filed to be exempt from future reporting. The bad news is that they haven’t filed for nearly 9 months since the bankruptcy announcement which could raise alarms at the SEC with today’s volume spike unless the Company complies.
What seems to be pushing the penny stock today was the due diligence of on of the iHub members, runningwithscissors, who spotted that the Website of ICNB, iconicbrands.com, was updated and also that some new products are on the platter to be served up for those willing to “belly up” to the shark tank. (see here)
50 Day Percent Change: 5,900%
50 Day Moving Average: 0.0009
50 Day Average Volume: 173,932
About ICNB Stock
Iconic Brands, Inc. does not have significant operations as highlighted on OTCMarkets with the “caveat emptor” logo aside the trading symbol, ICNB. It intends to acquire or merge with an operating company. Previously, the company was a brand owner of self-developed alcoholic beverages. It was engaged in the business of marketing, promoting, and distributing spirits, wine, and beer in the United States and internationally under its celebrity and other organically developed brand names, such as the Danny DeVitos Premium Limoncello, Glen Master Scotch, and George Vesselle Champaign.
For more info of ICNB stock, visit www.ICNB.info.
Bottom Line: The penny stock of Iconic Brands Inc., ICNB, is very risky considering that there is no updated financial data available for nearly a year plus. However, for the big-wave surfers, rock climbers, skydivers and alligator wrestlers, momentum needs no financial data and gains, although small dollars in volume, are being made.
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