VVPR - One Month Exclusive Agreement Extension Sends Micro Cap Flying

2024-07-03 14:19:15 ET

Every now and then a press release will come across the desk that make traders go into an absolute buying frenzy. This is particularly true if the stock in question is relatively cheap, so penny stocks are ripe for this kind of action.

Well just today, an industrial company saw its shares skyrocket following an announcement that its electric vehicle subsidiary, Tembo, had agreed to a one month extension of its exclusive heads of agreement with Cactus Acquisition Corporation I.

This sent shares of the parent company, %VivoPowerInternational PLC (Nasdaq: ) soaring on Wednesday, with shares of the micro cap hitting $3.27/share (+118.00%) at the early session high. Seeing that this particular stock is so far from its 52-week high of $9.90, it’s not unreasonable to say that there is still a ton of upside!

Vivopower International PLC is a %SolarPower company. The company provides energy infrastructure generation, distribution solutions and also engaged in the development, construction, and sale of photovoltaic(PV) solar projects. Its operating segments include Solar Development, Critical Power Services, Electric Vehicles, and Corporate Office. Most of the firm's revenue gets generates from the Critical Power Services segment which consists of design, supply, installation, and maintenance of power and control systems. It provides its solutions to government, commercial, and industrial customers. Nearly all of the revenue derives from Australia.