Home Financial Markets What explains the sharp rally in Greenpro Capital (GRNQ) and four other...

What explains the sharp rally in Greenpro Capital (GRNQ) and four other stocks?

Greenpro Capital Corp. (GRNQ) more than doubled today as the company has revealed plans to incubate the Low Earth Orbit satellite communication company. GRNQ aims to incubate a Low Earth Orbit satellite communication company located in Malaysia to cover the ASEAN region. The new company will provide satellite internet access for the South East Asia region. Borneo and other remote islands will benefit greatly from this service with their future Low Earth Orbit satellite connectivity.

Westwater Resources, Inc. (WWR) was riding on the back of the President’s Executive Order signed on September 30, 2020, which tackles the danger posed by international adversaries to the U.S. domestic supply chain by depending on essential minerals. The essential minerals referred to in the Order were previously described by the Ministry of the Interior in May 2018 and include both natural graphite and vanadium. The President’s declaration that America’s heavy dependency on foreign countries for vital minerals is a national emergency highlights the importance of Westwater’s plans to exploit the Coosa Graphite Deposit in East-Central Alabama. Westwater’s business strategy for the Coosa Graphite Project throughout the next two and a half years is to establish a U.S. domestic supply of natural graphite for use in all forms of batteries in the United States. Westwater also discovered widespread and important levels of vanadium mineralization during recent exploration activities along the Roscoe Ridge at the mine site.

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Kosmos Energy Ltd. (KOS) was up as it has earned itself some additional financial breathing space with a fairly complicated funding arrangement. According to the company, the existing Gulf of Mexico prepayment facility has been restructured into a $200 million long-term loan over a five-year period. The loan is backed by the reserves of the U.S. Gulf of Mexico. The loan has an interest rate of about 6% and increases the borrowing ability of the company by $50 million. It could be raised to $300 million, as well.

Corvus Pharmaceuticals, Inc. (CRVS) is another top mover today thanks to additional data from small Phase 1 trial for COVID-19 treatment. The company shared additional interim information from a very limited, early-stage clinical trial that suggested that its experimental immunotherapy could produce antibodies and T-cells in some COVID-19 patients. The Phase 1 open-label study tested at three doses in 15 patients and plans to enrol a total of 30 patients with mild to moderate disease. Initial findings for two of the doses in 10 patients were illustrated in the preprint released in September. (Preprint has not been peer-reviewed.) On Monday, the company released data for five additional patients. Complete results of the Phase 1 trial are expected to be released by the end of the year.

Boxlight Corporation (BOXL) rallied as the stock price target raised to $6 from $4 at Maxim. Analyst Jack Vander Aarde holds the buy rating on the shares. The recent acquisition of Sahara Presentation Systems is revolutionary for the company and should triple its revenue while driving “accelerated” profitability, the analyst told investors in a research note. Beyond 2021, the analyst sees Boxlight’s sales rising at about 10% per year, adding that the company is unlikely to need additional capital for the “foreseen future.”

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