iCreate is finally trading again, but where do we go from here?  

The Jamaica Stock Exchange has lifted iCreate’s suspension and the company was allowed to resume trading after being suspended for over a month.

iCreate was initially suspended in August due to the extended delay in publishing its financial results. They released their second-quarter results and the audited report for 2022, on September 29, the day before their self-imposed deadline. 

However, the JSE extended the suspension because iCreate also had not updated their mentor information. Junior Market companies are required to have a mentor on record to guide the board of directors.  

A couple days later, the company announced investment banker Colando Hutchinson, as its new mentor. According to Hutchinson’s LinkedIn page, one of his areas of expertise is risk management and auditing. 

He was also previously the deputy CEO at VM Wealth Management, which has been the broker in several iCreate transactions, including the Visual Vibe acquisition. 

So it makes sense why iCreate would bring him on. His official title is compliance advisor. 

And I’m sure he has to hit the ground running because there’s still one looming issue for iCreate. The Junior Market’s $500 million capital limit.

Remember last year iCreate did a $650 million debt conversion, which means they are well above that $500 million cap. 

The company’s former CEO, Tyrone Wilson, was on Taking Stock in January and told us that the move to the Main Market was expected in February.  It’s October, so that still needs to be resolved.

Meanwhile, according to the company’s second quarter results, iCreate recorded a net loss of $136 million for the first six months of this year. And they lost $46 million for the full year 2022.

The stock closed its first week back on the market at 88 cents per share, down 14%. 

So there’s a lot of work that needs to be done over at iCreate and only time will tell if they’re able to turn things around.

And that’s the bottom line.