WISCONSIN (CoinChapter.com) — With US indices climbing, stocks worldwide began a new week on a high note. The advances made on Monday add to gains made in a bumpy session on Friday when Federal Reserve Chair Jerome Powell said in Jackson Hole that authorities are willing to raise rates once more.
Here are the five stock market losers:
iCoreConnect Inc. (NASAQ: ICCT)
iCoreConnect Inc. (NASDAQ: ICCT), a prominent cloud-based software and technology company, had no news announcements today, but shares sold heavily. The most recent news was Aug 25, 2023, with the completion of its business combination with FG Merger Corp., which started with today’s trading.
This move was intended to be a positive for iCoreConnect as it focuses on enhancing workflow productivity and customer profitability through its enterprise and healthcare workflow platform.
noco-noco Inc. (NASDAQ: NCNC)
noco-noco Inc. (NASDAQ: NCNC), a pioneering decarbonization solutions provider, and Prime Number Acquisition I Corp., a Delaware-based blank check company, announced their intention to close a business combination on August 25, 2023.
The business combination resulted in the newly formed entity, noco-noco Inc. The company plans to initiate trading its shares and warrants under the ticker symbol “NCNC” on the NASDAQ Capital Market post this date. Shares plummeted today by 53.52%.
Novocure Ltd. (NASDAQ: NVCR)
Shares of Novocure Ltd. (NASDAQ: NVCR) plunged dramatically by 37% in premarket trading on Monday, then leveled at (32.62%) following an announcement about the failure of a late-stage trial. The Swiss oncology company reported that its Tumor Treating Fields combined with paclitaxel failed to meet the primary endpoint of overall survival in patients with ovarian cancer.
The electric fields, designed to kill cancer cells without significant impact on healthy cells selectively, showed a median overall survival rate of 12.2 months, slightly higher than the 11.9 months for paclitaxel alone.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE), a globally recognized electric mobility ecosystem company based in California, announced a reverse stock split of its issued and outstanding common shares, effective August 25, 2023. Investors sold today on the news, with shares falling 25%.
This move saw the reverse split of its common stock at a ratio of 1-for-80. It’s worth mentioning that the company’s common stock commenced trading on a split-adjusted basis upon today’s market opening.
XIAO-I Corp. (NASDAQ: AIXI)
Xiao-I Corp. (NASDAQ: AIXI), has not been in the news for many weeks. In fact, the most recent announcement for the forerunner in cognitive artificial intelligence in China was on July 24, 2023, when the company secured a contract for an AI Contact Center Project with a top-tier Chinese aviation group.
The partnership is intended to boost the service capabilities of the aviation group while also propelling their digital transformation.
The contract includes a spectrum of intelligent products like an interactive voice response (IVR), corporate knowledge base, AI assistant, online customer service, and intelligent robots. Regardless of the optimism, shares sold off today by 24.62%%.
