This morning shares of Patient Access Solutions, Inc. (OTCMKTS: PASO) are up over 58% in morning trading as we enter the lunch hour. The company announced news this morning that is attracting some interest among small cap traders for the stock. Take a look at the chart
As you can see the stock has been fairly dormant until it started to actually trade up a bit yesterday before today’s surge. The company announced earlier this year in April. that it had signed a letter of intent to complete a reverse merger. Nothing has happened with that reverse merger yet, but today the company put out an additional press release to announce an increase in authorized shares ahead of any a planned reverse merger with CLX Heath. The company stated:
“The increase that has been approved by the majority of Shareholders is 1,750,000,000 and provides us flexibility to use a portion of these newly authorized shares to close the transaction with CLX, as well as with any other entity, by providing enough shares in the Treasury to issue a new series of Convertible Preferred shares envisioned to be priced at $15.00 per share.”
“This clearly provides the Company with a new class of security that will not be deemed a penny stock. It is believed that this will provide us access to both an entire new group of sophisticated and professional investors to finance our planned growth.”
PASO stock has a market cap of over $30 million, which is fairly significant for a stock in this situation. The company has no website and few details on the CLX Health. However, the news and price action is driving a frenzy on twitter:
LOL $PASO up to .077 I just picked the biggest % winner in the market from the open again, damnnnn, that's like 4 out of the past 5 trading days now with $BANT $TTCM $ALYI sometimes you really just feel it, I'm truly just thankful for this market & all these great opportunities!
— Timothy Sykes (@timothysykes) September 1, 2020
+$400 this morning on my small account on $JILL & $BRTXQ! Missed $PASO, but you live and you learn. @timothysykes #challengestudent
— Kaiser Soze (@Stock_Doc_Soze) September 1, 2020
$PASO The Company wishes to announce today that it has approved two actions for its existing loyal shareholders as well as new prospective shareholders. Both these actions involve the new Series C Convertible Preferred Stock.
— 🦾 𝓭𝓪𝓽𝓪 𝓶𝓸𝓷𝓼𝓽𝓮𝓻 🦾 (@EngBigData) September 1, 2020
$PASO huge news out today regarding a divvy! Further confirming the RM with CLX Health is DONE IMO! Going to be an epic month ahead…
— OlicoTM (@olicoTM) September 1, 2020
I have no position in this stock and am not trading it. Neither is Mike Swanson who is the editor of this website. His stock pick of the month is also up today. You can find out about it and get his morning updates for free by getting on his free update list by clicking here.
-Tim
