Iconic Labs (AIM:ICON) says its service to counter misinformation about the coronavirus pandemic has attracted over 1 million readers in a week, causing shares to soar over 124%.
Iconic launched the non-profit ‘Infotagion: Covid-19’ last week alongside a cross-party group of current and former parliamentarians and is backed by governments and organisations.
The service combats fake news by allowing users to post screenshots of information seen on social media or elsewhere, which is then fact-checked by Collins and a team of experts.
The AIM-listed media firm said Infotagion was covered in more than 70 pieces of individual news covered by the UK's major news outlets including the BBC, ITV and the Daily Mail.
Shares in Iconic Labs skyrocketed 124.32% higher at 0.0415p during Wednesday trading.
“To receive such a response in such a short period of time just goes to show how important this service is to the public,” said John Quinlan, CEO of Iconic Labs.
The group noted Infotagion had been shared across social media nearly three thousand times and had been verified by both Facebook and Twitter.
Iconic said it was “very pleased” to be able to forge a role to counter disinformation about the current Covid-19 pandemic and that it had since been approached by a number of global organisations about potential uses for the service.
The group reported last week that it had slashed losses for the first half of its current year following growing demand for its online publishing content.
It said that with more people staying at home during the outbreak, it remains confident in witnessing ‘a long term increase in demand’ for its online publishing content and platforms.
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