More often than not, it is possible for investors to find success in the stock market if they follow the direction of the wider market. Hence, it may be a good idea to take a look at those stocks that may have come on the radar of investors. Here is a look at four penny stocks that have done so recently.
Netlist Inc. (OTC:NLST) On Tuesday, Netlist Inc., an innovator in high-performance memory technology, announced that it had entered into a definitive agreement for the sale and purchase of 11,111,112 common shares and warrants for buying 11,111,112 common shares. The transaction would be part of a registered direct offering. The company revealed that the shares of its common stock were going to be sold for $2.70 each, and the purchaser would receive a warrant.
Each warrant had an exercise price of $3.20 and could be exercised immediately. The warrants would expire five years from the date of issuance. It was also announced that the offering would be closed on August 17, 2023, once the customary closing conditions were met. Netlist announced that the gross proceeds from the offering are expected to be $30 million. However, the agent’s fees and related offering expenses are going to be deducted from the sum. The net proceeds from the offering would be used by the company for general corporate purposes, which would also include working capital necessities.
Xeriant Inc. (OTC: XERI) is involved in the development, discovery, and commercialization of advanced materials and aerospace technologies. On August 15, the company announced that it had appointed Dr. Petr Paril as a Senior Advisor to the Advanced Materials Scientific Advisory Board, which had been formed recently. Dr. Paril is a researcher and professor at the Department of Wood Science and Wood Technology at Mendel University, located in Brno, Czech Republic. He had also worked closely with the company in its quest to develop and test fire retardants and green composite building materials.
The Chief Executive Officer of the company, Keith Duffy, spoke about the matter as well. He noted that Dr. Paril possessed considerable knowledge about wood-based composites, and that would be a major skill as Xeriant worked on the formation of its Advanced Materials Scientific Advisory Board. He went on to commend Dr. Paril for his contributions towards the development of the company’s product, Nexboard, the green fire-resistant board.
Mentor Capital Inc. (OTC: MNTR) Yesterday, the company announced its financial results for the second fiscal quarter ended June 30, 2023. The company recorded revenues of $8,269,003 in the trailing 12 months, with a market capitalization of $606,799. The company also noted that, as per its estimate, the theoretical cash breakup of the business, including liabilities, could exceed the current market price of Mentor Capital common stock considerably.
In the six-month period ended June 30, 2023, the company recorded revenues of $4,280,805 to go along with gross profits of $1,606,082. The net loss attributable to shareholders came in at 0.8 cents a share.
Sage Potash Corp. (OTC: SGPTF) On August 15, Sage Potash Corp. made an announcement with regards to a major milestone that it had achieved that was important to its operational strategies.
The company announced yesterday that it had obtained regulatory approval from the Department of Natural Resources Division of Water Rights of Utah for its fixed-time application that would grant Sage Potash permission to withdraw as much as 150-acre feet of brackish water yearly. The approval would stay in effect until July 31, 2034. The water would be sourced from the proposed access well, and the company would have the freedom to extract the water for the entire year for its Sage Plain Potash Project.