From time to time, I talk about penny stocks that have low floats. Technically, a low float doesn’t have a specific number, but I’ll give you an idea of what could potentially be referred to as “low float.” Let’s say anything under 20Mn shares. For the uninitiated out there, you may be trying to figure out how to locate penny stocks with low floats. There are several options including financial websites for that kind of info, but you can always go to Yahoo Finance and look there.
That said, sometimes the information you find on floats may not be 100% accurate. Websites don’t always update on a day to day basis. If you think a number may not be correct, or hasn’t been updated recently, you can always check out a penny stock’s Outstanding Shares. A penny stock’s float will never be higher than its count for Outstanding Shares, meaning you can at least get an idea of the max float from the Outstanding Shares total.
Maybe you’re looking into building a penny stock screener. Unfortunately, certain platforms don’t have the option of float. The best thing you can do will be to set up an option to track Outstanding Shares and set it to low. Once you find a penny stock with a low float, it’s then important to understand why you’re tracking that. A low float means there are fewer available shares to trade in the everyday open market. Because of this, momentum can flood into a penny stock allowing for price spiking on the heels of something as simple as good news. Here are a few penny stock profiles to watch that have had recent good news.
Your No. 1 Top Penny Stock To Watch Closely Before The Weekend: Venus Concept Inc.
Venus Concept Inc. (Nasdaq: VERO) operates as a medical aesthetic technology company worldwide. Its product portfolio includes aesthetic device platforms, including Venus Versa, a multi-treatment platform to address the aesthetic procedures without surgery or downtime; Venus Legacy, an advanced device that resolves challenging face and body aesthetic needs; Venus Velocity, a diode laser for hair removal; Venus Fiore, which addresses internal vaginal health restoration, labia skin tightening, and mons pubis reduction; Venus Viva, a customizable skin resurfacing device that allows operator control of ablation and coagulation for resolving the appearance of mild to severe skin damage for various skin types; Venus Freeze Plus, an anti-aging system for non-invasive skin tightening; and Venus Bliss, a solution for the fat reduction category.
Venus Concept Inc. announced that it has received FDA 510(k) clearance to market and sell Venus Viva MD. Venus Viva MD is a non-invasive device intended to be used by aesthetic-related physicians or dermatologists. It expands the Company’s skin rejuvenation offerings beyond the Venus Viva™ and Venus Versa™ which were introduced to the medical aesthetics market in 2015 and 2016, respectively.
The Venus Viva MD is a portable and versatile tabletop device that enables a wide range of treatments with two applicators. When used with the new Viva MD applicator, the Venus Viva MD device is intended for use in dermatological procedures requiring ablation and resurfacing of the skin including conditions such as acne scars, dyschromia, striae and enlarged pores. The Viva MD applicator is a fractional handpiece that offers a new 80 pin tip design which doubles the output energy up to 124mJ per pin electrode as compared to the 160 pin tip option used with the existing Venus Versa and Viva devices. The new 80 pin tip output results in increased depth of ablation which enhances treatment outcomes while maintaining the safety profile. When used with the Diamondpolar™ applicator, the Venus Viva MD device is intended for the non-invasive treatment of moderate to severe facial wrinkles and rhytides for patients with Fitzpatrick skin type I-IV. The Venus Viva MD is also integrated with the Company’s Internet of Things (IoT) technology that collects technical information to help providers enhance business operations and improve treatment efficiency.
“We are pleased to announce FDA 510(k) clearance for our Venus Viva MD device and are preparing to begin a limited launch by the end of the third quarter,” said Domenic Serafino, Chief Executive Officer and Director of Venus Concept. “The Venus Viva MD is a product we designed specifically for dermatologists and plastic surgeons in the U.S. which leverages our strong skin rejuvenation offerings in Venus Viva and Venus Versa, but offers differentiated features that allow clinicians in the traditional medical aesthetics community to treat a wider range of skin conditions. Importantly, this new product introduction is another example of our continued focus on introducing new and innovative technology solutions each year, while also identifying ways to enhance the contributions to our overall growth from the sale of utilization-based handpieces over time. We expect the U.S. commercialization of the Venus Viva MD to contribute to the Company’s long-term growth profile and believe our expanded portfolio of skin rejuvenation solutions will help us further penetrate the $3.4 billion global energy-based aesthetic device market in the years to come.”
Your No. 2 Top Penny Stock To Watch Closely Before The Weekend: GEE Group, Inc.
GEE Group, Inc. (NYSE American: JOB) provides permanent and temporary professional, industrial, and physician assistant staffing and placement services in the United States. It operates through two segments, Industrial Staffing Services and Professional Staffing Services. The company offers professional placement services comprising placement of information technology, engineering, medical, and accounting professionals on regular placement basis or a temporary contract basis; and weekly temporary staffing services for light industrial clients. The company provides medical data entry assistants, who offer electronic medical record services for emergency departments, specialty physician practices, and clinics. It offers professional and commercial staffing services under the names of Access Data Consulting, Agile Resources, Ashley Ellis, General Employment, Omni-One, Paladin Consulting, and Triad; medical staffing services under the Scribe Solutions brand; and contract and direct hire professional staffing services under the Accounting Now, SNI Technology, Legal Now, SNI Financial, Staffing Now, SNI Energy, and SNI Certes brands.
GEE Group Inc. announced that it has successfully completed and closed a recapitalization and financial restructuring on June 30, 2020, that significantly strengthened its balance sheet through the elimination of over approximately $47 million in subordinated debt and mezzanine preferred stock financing while adding approximately over $40 million pre-tax to GEE Group’s stockholders’ equity.
Highlights of the Recapitalization and Restructuring Transactions and Financial Position:
- Substantial improvement in the Company’s financial condition and leverage ratios
- Approximately $47.4 million, which is comprised of approximately $19.7 million of subordinated debt and approximately $27.7 million of preferred stock mezzanine financing, was eliminated from the Company’s balance sheet as of June 30, 2020, at a substantial discount in exchange for cash of approximately $5.1 million inclusive of accrued interest and the issuance of approximately 1.8 million of GEE Group Inc. restricted common shares
- The deleveraging transactions resulted in the extinguishment of 100% of the Company’s subordinated debt and preferred stock mezzanine financing. Only the Company’s long-term senior debt, including its loans under the CARES ACT Payroll Protection Program (“PPP”), remain outstanding as of June 30, 2020, which places the Company in a better position from a liquidity standpoint and for future growth
- GEE Group will have approximately 17.7 million common shares outstanding as of June 30, 2020, after giving effect to the recapitalization and restructuring transactions
- Stockholders’ equity as of June 30, 2020, increased by over $40 million pre-tax
- The Company’s cash position as of June 30, 2020, after closing the aforementioned transactions, was approximately $16.4 million
- The recapitalization and restructuring transactions will be further described in a Form 8K to be filed with the SEC
- The Company’s consolidated financial statements for the fiscal third quarter ended June 30, 2020, to be included in its Quarterly Report on SEC Form 10Q, will fully incorporate the financial and tax effects of the transactions
Current Capital Partners LLC served as exclusive recapitalization and restructuring advisor, Duff and Phelps served as a financial advisor and Loeb & Loeb served as legal counsel to the Company.
Derek E. Dewan, Chairman and Chief Executive Officer of GEE Group, commented, “When we began the recapitalization and restructuring process, we did so with a clear objective of strengthening the Company’s financial position, improving GEE Group’s capital structure and better positioning the Company for future success. Now that these transactions have been completed on very favorable terms, we are most excited about the Company’s growth prospects and its ability to maximize shareholder value.”
Your No. 3 Top Penny Stock To Watch Closely Before The Weekend: Francesca’s Holdings Corporation
Francesca’s Holdings Corporation (Nasdaq: FRAN), through its subsidiaries, operates a chain of boutiques. The company offers fashion apparel, jewelry, accessories, and gifts for women between the ages of 18 and 35. Its apparel products, including dresses, fashion tops, sweaters, cardigans and wraps, bottoms, outerwear and jackets, tees and tanks, and intimates; and jewelry comprise necklaces, earrings, bracelets, and rings. The company’s accessories consist of handbags, clutches, wallets, shoes, belts, hats, scarves, sunglasses, watches, beauty products, and hair accessories; and gifts comprising fragrances, candles, bath and body products, home accessories, books, wall art, nail polish, and miscellaneous items.
Francesca’s Holdings Corporation and Poq announced its partnership to develop francesca’s® first mobile application.
As part of the Company’s effort to meet the customer wherever, whenever and however she chooses to shop, francesca’s® plans to launch a new iOS app this summer and a new Android app later this year, in time for Black Friday and the holiday season. Recognizing that mobile is increasingly becoming her preferred way to shop, this application will be designed to enhance the customer experience when she engages with francesca’s® on her smart phone. The new digital format will provide an elevated design, improved navigation and increased ease of use.
Andrew Clarke, CEO at Francesca’s Holdings Corp, stated, “During the temporary store closure period resulting from the COVID-19 pandemic, our ecommerce business surged. Given the accelerating shift to online shopping, we are excited to be stepping up our digital transformation strategy with the launch of this mobile app. In addition to enhancing her online shopping experience, the app will provide valuable insights into how customers interact with our brand, enabling us to interact with her in a more relevant and impactful way. After careful consideration, we chose Poq for this project based on their extensive expertise in building mobile shopping apps that empower businesses like ours to engage customers and facilitate financial success.”
President of Poq, Mike Hann, added, “It’s important to see brands like francesca’s placing app commerce at the center of their digital transformation strategy and doubling down on mobile in light of the recent changes in consumer behavior.” He continued, “We look forward to working together with francesca’s® to bring shoppers a superior and unified omnichannel shopping experience.”