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Iconic Labs – an insolvent shell company needing to get an FCA approved Prospectus published and to issue bucket loads more confetti to survive

Iconic (ICON) published its interim accounts for the six months ended 31 December 2022 at 1.59 PM on Friday allaying some of its shareholders concerns that it might miss the 31 March 2023 publication deadline and have its shares suspended again.

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By Tom Winnifrith
182 days ago

ICON

Iconic Labs –- an illustration of the dangers of death spiral finance

In today’s RNS Iconic (ICON) announced that it had received a “Conversion Notice was dated 27 March 2023 and provides for 50 Convertible Notes to be converted into 1,315,789,473 ordinary shares of £0.00001 ("Ordinary Shares") in the Company at a conversion price of £0.000038 at the aggregate principal amount of £50,000.” With the issuance of another 1,315,789,473 new shares, the Company's issued ordinary share capital is now 43,106,916,660 shares. Yes that is more than 43 billion shares in issue.