At the premarket today, shares of InnSuites Hospitality Trust (NYSE: IHT) rose 10.43% to $2.33.
The InnSuites stock gained 3.43% last trading day to finish at $2.11. IHT stock has lowered -7.05% in the past five days, resulting in a -19.16% reversal in the past month. This year, the IHT stock has lost -4.09 percent and is down -5.80% in the last three months. Despite the lack of news that could affect its price, the IHT stock has continued to grow this morning.
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What happened?
As an unincorporated Ohio company, InnSuites Hospitality is headquartered in Phoenix, Arizona. IHT is a trust that manages and owns hotels with the InnSuites name. InnSuites Hotels and Suites has been operating hotels and providing hotel services including management, branding, and reservations to hotels for four decades. They have pioneered innovative hotel services for guests and recognized hotel membership needs.
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At the time of announcing fiscal 3rd quarter 2021 results last month, IHT updated about its $1 million investment in the privately held UniGen Power, Inc. (UPI) made in 2019. Other than the investment that could transform into 1 million UPI shares, IHT also holds a significant number of warrants. Upon conversion of those warrants, IHT would be permitted to invest an additional 2 million UPI shares, which would result in IHT holding approximately 25% of UPI stock.
What else?
An efficient clean energy generation technology is currently being developed by UPI, and it has a high potential for profit expansion. This month, InnSuites Hospitality (IHT) was informed that UPI had made positive progress on developing this innovation, with a first Prototype slated to be operational on or before June 30, 2021.
