Penny Stocks to Watch: ADHI, PKBO, GOVB, MDMP, SIRC
There is a strong following for penny stocks in the markets, and for good reason too. These stocks trade below $5 a share and can often deliver outsized gains if the right choices are made. This feature would provide you with a closer look into penny stocks, which may be worth tracking at this point.
Arsenal Digital Holdings Inc. (OTC:ADHI) On Thursday, the company announced that it added Blackrock Midstream as a subsidiary and thereby enhanced its offerings, customer base, and management skills. It was one of the more significant developments for Arsenal Digital Holdings Inc. in 2023. Blackrock enjoys a strong presence in the traditional energy space and would help strengthen Arsenal’s business plan.
Additionally, it would also provide the company with a robust market presence over the long term. In July, Arsenal Digital Holdings announced its financial results for the second fiscal quarter. It was a major achievement for the company, as it reported revenues of $19 million. The revenues were in line with the guidance, and it is believed that the upward trend will continue through the rest of the quarters of the year.
Randall Eddington, who is the Chief Operating Officer of Arsenal and the founder of Blackrock, spoke about the performance as well. He noted that the financial results reflected the progress made by the company and added that there could be continued growth owing to the evolution of Arsenal’s portfolio.
Peak Bio Inc. (OTC: PKBO) is a clinical-stage biopharmaceutical company involved in the commercialization and development of advanced therapeutics to address the unmet medical needs of patients. Peak Bio Inc. mainly addresses patients who may be suffering from inflammatory diseases, rare specialty diseases, and cancer. On August 24, the company announced that it had made an amendment to the common stock purchase agreement it had in place with White Lion Capital LLC.
Following the amendment, the company’s existing rights would remain; however, Peak Bio would no longer be obligated to sell up to $100 million of its common stock to White Lion over a period of 36 months. However, an additional right had been added, which would allow the right to sell shares of the common stock on an accelerated basis to White Lion. The notice for the transaction and the sale of the common stock would happen on the same day, as per the arrangement. It was also noted that Peak Bio intended to use the proceeds from such a transaction to finance its clinical and preclinical programs.
Gouverneur Bancorp Inc. (OTC:GOVB) On August 24, the holding company for Gouverneur Savings and Loan Association (the bank) announced the second stage of its conversion stock offering. Gouverneur Bancorp Inc. is a newly established Maryland holding company and the supposed successor of the bank.
Yesterday, it announced that it was going to start the offering of its common stock pertaining to the planned conversion of Cambray Mutual Holding Company Inc. to a stock holding company form of organization from a mutual holding company entity. It was also announced that Cambray Mutual had also been provided with all the necessary regulatory authorizations and approvals for starting the offering of the stock. Gouverneur Bancorp would offer up to 977,000 shares of its common stock for the price of $10 each as part of a subscription offering.
MDM Permian Inc. (OTC: MDMP) Yesterday, the company announced that FireDream Resources LLC, its majority shareholder, had acquired shares worth $675,000 in it. MDM Permian Inc. noted in its news release that the transaction further strengthened the association between the two.
The company went on to note that FireDream had been instrumental in bringing fresh assets and funding to the company. The company went on to note that the strategic investment made by FireDream was also an indication of the sort of confidence that it had in the future of the company. However, it was also noted that the investment would also help the company boost its financial stability and potentially generate further growth.
Solar Integrated Roofing Corp. (OTC:SIRC), the integrated single-source solutions provider for solar power, electric vehicle charging systems, and roofing, came up with an operational and corporate update yesterday. Solar Integrated Roofing Corp. announced that PLEMco had managed to complete 14 EVSE projects in 2023 to date in LA County. The financial services, shared services, and supplemental claims divisions generated 32.9% higher revenues year on year in the second fiscal quarter of 2023.
The company also completed the engineering and design phases of the Calway Farms project. The construction of the same is expected to start at some point in the second half of the year. Lastly, the company also inked a binding letter of commitment with Tribeca Energy, which would facilitate a merger so as to eventually list on NASDAQ or NYSE by October 30 this year.
