Friday, November 11, 2022
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Permex announced it has received approval to uplist to the NYSE. Shares are expected to begin trading on November 15 under the symbol OILS (warrants will trade under OILSW). The uplisting follows a October 31st announcement that Permex would consolidate outstanding shares on the basis of a one for every sixty pre-consolidation shares. We indicated at the time that we believed management was doing a reverse stock split as a prerequisite to uplisting on the NYSE. We believe listing on the NYSE will greatly enhance the company’s ability to attract investor attention and unlock Permex’s hidden value.
Permex has filed an offering registration. On November 4th, Permex file a S-1 Registration Statement with the SEC to offer 2 million common shares (post reverse stock split currently trading under the symbol OIL on the Toronto exchange and on the OTC under the symbol OILCD.) On November 9th, the company filed an addendum increasing the share offering to 3.6 million shares which now include a warrant to purchase shares at a 125% premium to the offering price. The offering is being done in conjunction with the uplisting implying it will be completed by November 15th.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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