iCoreConnect Inc. announced that it has entered into a securities purchase agreement to issue a convertible promissory note in principal amount of $500,000 for the gross proceeds of $500,000 on December 18, 2023. The note will have a coupon rate of 12%. The maturity of the additional convertible promissory note is December 18, 2024.

The note is initially convertible into company common stock at a conversion rate equal to 120% of the closing price of the company?s common stock on the date of issuance.