Penny Stocks Watchlist: SSOF, MCHN, TNPH, IAALF, VRSS
The market for penny stocks has always been quite vibrant, and every day, millions of investors try to discover the next multi-bagger. However, it also requires diligence to gain some degree of consistency. This feature would provide you with a quick look into five penny stocks that may be worth adding to your watch lists at the moment.
Sixty Six Oilfield Services Inc. (OTC:SSOF) The company could well be on the radar of investors today after it made a key announcement this morning. Sixty-Six Oilfield Services Inc. announced today that it had completed the first of many acquisitions that it would complete in 2023. The acquisition in question was that of TraderJaxx, an affiliate marketing direct-to-consumer site that would be launched on October 15 this year.
It also constituted the very first acquisition in the technology sector for Sixty Six Oilfield Services. Daniel Sobolewski, the Chief Executive Officer of the company, noted that the acquisition had been part of a strategic move to expand the digital presence of Sixty Six Oilfield. Additionally, the acquisition would also help the company make an entry into the eCommerce direct-to-consumer affiliate marketing industry.
The CEO went on to state that the company had also joined hands with Solomon McCluster, a major player in the industry, over its affiliate marketing move. The company noted that Solomon had created his reputation in the industry through the creation of affiliate networks that deliver strong performances.
McHenry Bancorp Inc. (OTC: MCHN) The company was in sharp focus on Monday after it was announced by Michigan State University Federal Credit Union (MSUFCU) that it had entered into a definitive agreement to acquire its subsidiary, McHenry Savings Bank. As per the news release, the structure of the transaction would entail that MSUFCU would acquire virtually all the assets and assume responsibility for all the liabilities of the bank from its parent company, McHenry Bancorp Inc.
The members of the boards of directors of both companies approved the transaction. After the transaction is completed, the rest of the assets of McHenry Bancorp will be liquidated and eventually distributed to the shareholders. It was announced yesterday that once the transaction is completed, shareholders of McHenry Bancorp could expect to receive in the range of $39 to $41 for each share they hold in the company. However, the eventual value of the cash payout could be subject to adjustments.
Tian’an Pharmaceutical Co., Ltd. (OTC: TNPH) On August 28, the company entered the news cycle after it announced that it had appointed Mr. Ngan as its president. In the news release, Tian’an Pharmaceutical Co., Ltd. also noted that Ngan had been with the company since September 2020 and had been the director of JiuDu International Ltd., its Hong Kong subsidiary. In his role, he was responsible for the operations of the company in Mainland China and Hong Kong.
Additionally, he is also the representative of the company on the board of Guangxi Sugar Technology Co. Ltd., which he co-founded and in which the company is expected to make an investment. The company had been established by Ngag with the ultimate aim of bringing it under the Tian’an Pharmaceutical umbrella. Ngan possesses considerable experience across a range of sectors and is known for being a serial entrepreneur. Ngan noted that due to the current economic distress in China, there were interesting investment and acquisition opportunities available.
IBC Advanced Alloys Corp. (OTC: IAALF) On Monday, the company announced that some of its subsidiary units in the United States had entered into a term loan agreement with Sallyport Commercial Finance LLC. Additionally, IBC Advanced Alloys Corp. announced that there had also been amendments to some of the existing credit facilities with both Iron Horse Credit LLC and Sallyport.
The company announced yesterday that the transactions would help in the generation of extra funding to the tune of $7,000,000. After the company pays off its 8.25% senior unsecured convertible debentures and 9.5% senior unsecured debentures that are due on September 5, it will be left with working capital to the tune of around $4 million.
VERSES AI Inc. (OTC: VRSS) The cognitive computing firm is a specialist in the next generation of artificial intelligence technology. On Monday, VERSES AI Inc. announced that it had been successful in completing Flying Forward 2020. The company had commenced the three-year project in November 2020, and it had been financed by the European Union for the purpose of testing the feasibility of autonomous drones in five cities in Europe.
The three initial sites for the program were Milan, Italy; Zaragoza, Spain; and Eindhoven, the Netherlands. The two other cities that joined and completed the group of five were Tartu, Estonia, and Oulu, Finland. These cities proved that they had the necessary digital infrastructure for running autonomous drones.
