Penny stocks have been a popular topic lately among retail traders and investors due to their low cost and high volatility. Despite their risks and opportunities, they have become even more attractive to traders thanks to the stock market sell-off in 2022.
Many well-known companies have found themselves among the ranks of penny stocks, but this niche also includes start-ups and smaller organizations looking to build their market share. These cheap stocks can trade for pennies on the dollar, making them susceptible to significant price changes with just a 10-cent move.
For both experienced traders and beginners, understanding what’s happening in the stock market is crucial for making informed decisions. It’s important to thoroughly research the company and its current status before making a trade, as even small price changes can result in significant gains or losses. It’s important to note that penny stocks are not for everyone.
They come with a higher level of risk due to their volatility, lack of liquidity, and potential for fraudulent activity. Do your due diligence and thoroughly research the company before making a trade.
Penny Stocks Under $1
This brings us to the topic of this article: penny stocks under $1. They’re some of the highest volatility assets within the niche and can experience explosive moves from minimal price fluctuation. For this list of penny stocks, we look at any recent updates, milestones, and upcoming events that could be a focus of retail traders. Then you can decide if they’re worth adding to your list or avoiding entirely.
VivoPower (NASDAQ: VVPR)
Shares of VivoPower have been on the move since the start of the year. Even though VVPR stock remains below $1, it has climbed more than 100% year-to-date. The sustainable energy solutions company continues hitting new milestones. Developments from its Tembo e-LV subsidiary and Toyota Motor Corporation kicked things off with a design services agreement for the LandCruiser 70 Series.
This week the company announced a definitive distribution agreement with Ulti-Mech of Australia for Tembo electric utility vehicles. Ulti-Mech has committed to selling a minimum of 1,000 Tembo EV conversion kits for a five-year period. The kits will transform new and second-hand diesel-powered 4×4 LandCruiser and Hilux vehicles into EVs for mining and other sectors.
With EV stocks in focus recently, VVPR gained some attention following the latest update.
TransCode Therapeutics (NASDAQ: RNAZ)
This year has been a volatile one for TransCode Therapeutics. Shares have traded in a range between $0.41 and $1.07. The latest trends have seen RNAZ stock at the lower end of the range following a financing update to raise $1.5 million. Since closing that funding round, the penny stock has been churning in a tight channel.
The company and BRAIN Biotech recently joined forces to develop a CRISPR-derived technology platform. According to the companies, BRAIN Biotech’s Akribion Genomics unit will combine with TransCode’s TTX nucleic acid delivery platform for cancer treatment.
This week, Transcode continued announcing significant updates. The latest was the receipt of an Orphan Designation for its TTX-MC138 in pancreatic cancer. “We are pleased to have received Orphan Drug Designation from FDA with our lead therapeutic candidate in pancreatic cancer,” said TransCode’s Chief Executive Officer and Co-founder, Michael Dudley. “This is the second drug in our pipeline to receive such status. In June 2022, FDA granted ODD status for our checkpoint inhibitor, TTX-siPDL1, also for treatment of pancreatic cancer.”
The company has recently received approval to conduct a clinical trial with the treatment candidate in advanced solid cancers.
Novo Integrated Sciences (NASDAQ: NVOS)
Novo Integrated is another one of the penny stocks trading in a channel. Unlike RNAZ, NVOS stock has been in a relatively tighter range between $0.10 and $0.165. Even though this is a matter of roughly 6 cents, it’s a range of over 60%. Nevertheless, its low price and high volume have helped spur momentum for NVOS stock this month.
While there haven’t been many new updates from the company recently, the market may be looking at further action in response to its initial business update at the start of the year. As we discussed in our article about NVOS stock last month, a proposed purchase agreement is where the focus could be for the market. An 8-K filing showed that the company entered into a purchase agreement with SwagCheck Inc. to buy that company and 100% of its outstanding shares “in exchange for $1.00.”
It also highlighted that SWAG holds “a specific right of purchase of a precious gem collection as provided for in an agreement between SWAG and a Court-appointed Successor Receiver for the United States District Court for the Central District of California.” Novo is also said to be receiving a $90 million financing commitment, with $60 million being distributed “directly to a receiver for the purchase of the Gems by SWAG” and $30 million in “mark-up” allocated for the benefit of the outgoing SWAG shareholders.
There haven’t been many updates related to this deal. However, it is a source of speculation, and something traders are watching for right now.
VBL Therapeutics Ltd. (NASDAQ: VBLT)
Biotech company VBL Therapeutics has been relatively quiet this year until the last week of trading. As discussed in our article “3 Top Penny Stocks To Watch With Big News Today,” merger news helped spur optimism in VBLT stock.
VBL announced an agreement to merge with Notable Labs. In a related update, the company explained the deal would create a clinical-stage therapeutic platform company developing precision medicines. The new focus will be on Notable’s Predictive Precision Medicines Platform and pipeline targeting cancer.
The lead asset, Volasertib, is being studied in adults with acute myeloid leukemia. Following the completion of the merge, VBLT will be traded under the symbol NTBL.
“The operational infrastructure, intellectual resources, and investment capital that this merger brings will serve as both the foundation and a driver of potential best-in-class therapeutic assets out of our PPMP platform,” commented Dr. Thomas A. Bock, Chief Executive Officer of Notable. “This merger will serve to advance our lead clinical program with Volasertib while in parallel accelerating our pursuit of additional targeted in-licensing opportunities.”
With the deal anticipated to close in the second quarter of 2023, the clock is ticking, and traders are noticing.