As the trading week meanders along to a close, investors are still going to continue to look into stocks that could be worth tracking in the final two days. Ideally, it is always a good idea to look into companies that may have been in focus the previous day, and by that token, it could be worthwhile to take a closer look into Pennexx Foods (OTC:PNNX).
On Wednesday, the company entered the news cycle after it announced that it had submitted the first version of its Your Social Offers Savings App for review to the Apple App Store. It was a significant development since it signified another step towards releasing its app publicly. Pennexx Foods noted in its news release that it would release the app to the public once Apple completed the review process in its entirety. The company went on to state that it would keep its shareholders informed about the progress of the review process.
The company also revealed that it would also submit the app to the Google Play Store for approval. The Chief Executive Officer of the company, Vincent Risalvato, spoke about the development as well. He noted that it was an exciting time at the company since it was getting closer to the wider distribution of the Your Social Offers app. He went on to add that the app would help consumers locate and redeem deals quickly.
In the news release, the company noted that if a consumer drives by a participating merchant store, they would receive a notification alert for an available deal. Hence, it would provide incentives to consumers to visit a store that they may not have otherwise visited. The company went on to assert that the app would bring considerable value to merchants, consumers, and the company’s very own shareholders.
On October 10, the company made another key announcement that investors ought to know about if they are interested in tracking the Pennexx stock today. The company announced that, following written agreements and consent with some of its major shareholders, it created two new classes of stock, Series A and Series B. The company announced that Series A stock could not be converted to common stock but had voting powers. The Series B stock had been created for the purpose of offering it in the form of performance-based incentives to important new hires by Pennexx. The company noted that the details of the transaction would be provided in the filings for the third fiscal quarter.
Thanks to the agreements, it was possible for the Board of Directors of the company to use the Series A share to keep Pennexx’s outstanding shares at around 60 million. It did so through the exchange of the common shares of one of the major shareholders with unconvertible Series A shares. The move was critical since it helped maintain the level of share dilution as well. Due to its authorized level touching 150 million shares, Pennexx now has considerable ability to raise further funds.
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