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Thursday, December 3, 2020

PotNetwork Holdings Inc (OTCMKTS:POTN) Shares Recover Key Support on New Moves

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PotNetwork Holdings Inc (OTCMKTS:POTN) is a stock we have been watching closely of late. Several days ago, we posted a piece suggesting that an important shakeout was underway that may lead to a snapback buying opportunity in the stock. So far, that analysis seems relatively prescient, as the stock has snapped back almost 50% off its intraday lows logged on April 2 around $0.28 per share. Helping to drive this bounce, the company has just hit the wires with an update on its plans to uplist shares, including more audited financial data and a possible Reg A fundraising move.

Specifically, the company just announced that it has “engaged specialized legal counsel, in addition to entering into a specialized engagement with its PCAOB auditors, to prepare a Regulation A+ filing in accordance with management’s objective to heighten transparency, and bring the Company greater visibility before a substantially larger group of qualified investors. The Company anticipates having its Reg A+ filing ready for submission to the Securities and Exchange Commission within the next thirty (30) days.”

PotNetwork Holdings Inc (OTCMKTS:POTN) has two wholly owned subsidiaries, First Capital Venture, the makers of Diamond CBD OILS and Sunrise Auto Mall Inc.

Diamond CBD is focused on the advanced research and development of “the industry’s finest premium hemp extracts” and making them available to the global marketplace. The Company’s “notable team”, consisting of hemp industry pioneers and natural product experts, chemists, and scientists, is dedicated to producing “the finest and purest Cannabidiol (CBD) oil.”

POTN’s message continues: “Setting the Company ahead of its competitors, First Capital Ventures Inc and Diamond CBD Inc. deliver advanced product quality to market through the team’s creation of diverse and top quality hemp extracts that contain a broad profile of cannabinoids and other natural hemp derived molecules.

The result is a robust selection of Diamond CBD Oils, made from Industrial Hemp, which enhances the formula to be considered among the most powerful natural CBD E-Liquids on the market. Sunrise Auto Mall, Inc., launched in June of 2014, as an operation geared toward enabling people challenged with bad or no credit in securing quality transportation while simultaneously rebuilding the client’s credit.

POTN has developed a highly profitable business model around the continually rising subprime lending industry. Potnetwork Holdings Inc. acting as the holding company for the present subsidiary is planning to continue to expand from within as well as through future acquisitions.”

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As noted in its most recent release, the company’s initial step in this process to become up-listed to the OTCQB was its recent release of audited consolidated financial statements, disclosing $14.49M with gross profits of about $5.2M during 2017.

“We believe that we are standing on the threshold of a revolution in this marketplace. We have pursued industry leadership and robust market penetration. Now that we have established a solid foundation, we are ready to step into a stronger and more advantageous financial arena,” stated Richard Goulding, PotNetwork Holdings CEO.

The chart shows 20% added to share values of the listing over the past week of action. Moreover, the name has registered increased average transaction volume recently, with the past week seeing 24% above its longer-run average levels. That push in volume coincides not only with the company’s recent news, but also a break back above key support recently violated in the $0.32 per share area.

At this time, carrying a capital value in the market of $97.2M, POTN has about $258k in cash on the books, which must be weighed relative to about $282k in total current liabilities. The company has pulled in about $14.5M in TTM revenues. The company is also seeing major top-line sales growth, with revenues jumping over 1,300% on an annual basis as of its latest filed data. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $POTN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $POTN, either long or short, and we have not been compensated for this article.

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