Penny Stock News Recap: WELX, BXLC, HWAL, BWVI, TGGLF
Investors who want to be successful in investing in penny stocks need to be rigorous with their research. That is the only way one can be consistent over the long term. One way of going about it is by following the news. Here is a quick look at five penny stocks that have been in the spotlight lately.
Winland Holdings Corporation (OTC:WELX) On August 10, the board of directors of Winland Holdings Corporation announced that, through Winland Mining LLC, its fully owned subsidiary, the company had reached a key agreement. The agreement had been for the acquisition of 50 units of Bitmain Antiminer S19 XP 141 TH/S crypto miners from FRMO Corporation.
Once operational, those miners would produce an aggregate operating hash rate of 7.050 petahashes per second. Additionally, the miners would also offer energy efficiency of as much as 21.5 +/- 5% joules per terahash. The company completed the transaction by providing FRMO with 79270 shares of Winland Holdings common stock. The transaction was valued at $166,675. However, the transaction also raised the number of outstanding shares in the company to 4,756,369 from 4,677,099.
It also boosted the stake of FRMO in Winland Holdings to 33.8% from 32.6%. FRMO Corporation is known for making strategic investments in private and public companies. The move to acquire the new miners was consistent with the goal of the company to explore a range of alternatives for the purpose of boosting value for shareholders. The goals also included moves into crypto-related assets.
Bexil Corporation (OTC:BXLC) On Thursday, Bexil Corporation announced its financial results for the second fiscal quarter, which ended on June 30, 2023. In the period, the company generated net income attributable to shareholders of $0.54 million, which worked out to diluted earnings per share of $0.76. In the prior-year period, Bexil suffered a net loss of $2.08 million attributable to shareholders, which translated to a loss per diluted share of $2.76.
In the six-month period that ended on June 30, the company generated net income attributable to shareholders of $1.94 million, or $1.72 per diluted share. In the corresponding six-month period in 2022, the net loss attributable to shareholders was $1.94 million, which worked out to a loss of $2.57 per diluted share. Additionally, it was also noted that, as per its own discretion, Bexil may also repurchase shares in the company.
Hollywall Entertainment Inc. (OTC:HWAL): Hollywall Entertainment Inc. is a major broadcasting, technology, telecom, media, sports, and entertainment company. On August 10, the company issued a letter to its shareholders, which had been addressed by Roxanne Green, the company’s President.
The letter delivered a summary of the strategic moves and recent activities of the company. Some of the latest developments included the cancellation and reduction of outstanding shares, strategic investments, strategic alliances, and music asset transactions. It was noted that the company had been successful in canceling as many as 51082262 shares and returning them to the treasury. That was part of the company’s initiative to reduce the number of shares.
Following the move, the number of outstanding common shares of the company was reduced to 93,235,656 from 144,317,918. The move helped boost not only shareholder value but also the equity structure of Hollywall Entertainment. The company noted that its priority was to create long-term value for shareholders through joint ventures, partnerships, expansion of the entertainment network, and licensing agreements.
Psycheceutical Bioscience Inc. (OTC:BWVI) Yesterday, Psycheceutical Bioscience Inc., the bioscience company, announced that it had concluded the dosing of its first batch of patients in the Phase 1 clinical trial of its patented product NeuroDirect. The company, which is involved in the development of modern mental health treatments with advanced technologies, created NeuroDirect as a ketamine product meant for treating post-traumatic stress disorder (PTSD).
It is the lead non-systemic drug candidate from the company and is designed in such a way as to target the free nerve endings located at the back of the neck of an individual. The aim is to deliver ketamine effectively and safely so that there are no hallucinogenic effects.
Toggle3D.ai (OTC:TGGLF): The path-breaking SaaS solution from Toggle3D.ai deploys the power of generative artificial intelligence for a range of purposes. It helps in converting CAD files, publishing 4K 3D models, and applying 4K structuring. The company announced yesterday that it launched a new comprehensive set of artificial intelligence-enabled tools for its Pro subscribers. It would help the users make physics-based rendering materials from text prompts and images.
The company noted that the offering was a significant differential in the texturing and 3D design industries for Toggle3D.ai. The pay-to-use function would allow users to have a major increase in speed, quality, and efficiency while creating materials meant for 3D texturing.
