The original press release, available here, said that ICOA’s “suite of services and solutions power the unique requirements of high-traffic public locations such as airports, marinas, restaurants and more, while also providing back office solutions for hotspot operators and wireless service providers,” and that “Google looks to diversify it’s [sic] already impressive portfolio of companies.”
That’s all well and good, but ICOA says that the report is false. But that didn’t stop more than a billion shares of the stock — valued at about $0.0001 — from jumping 500% to $0.005 before settling back down to its opening price. This could be a pretty transparent effort by a single investor to pump and dump a penny stock. We’ll see soon enough.
Paul Ausick
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