While the DOW and S&P 500 have fallen this morning on disappointing a earnings outlook from Amazon and worries that the coming economic reopenings in states across the nation won’t be as promising as expected, shares of penny stock Byzen Digital Inc. (OTCMKTS: BYZN) are completely surging so far today up over 33%. The stock is one of the most actively traded stocks today on the US OTC market to grab the attention of traders using stock screens. What is going on? First take a look at the chart.
The stock surge today was preceded by trading volume starting to come into the stock earlier this week. It jumped through 10 cents a share two days ago and is now over 30 cents a share. The action is incredible.
The stock is one of what is basically a shell company that promoted itself as a blockchain stock a few years ago and then went dormant. Last year it became late in its SEC filings and marked as a shell stock by the exchanges. Earlier last month it put out a release stating that it was releasing itself from a past deal to make a major change:
During the first quarter of this year, the Company received the final balance of twenty million (20 million) shares from its terminated strategic partnership agreement with The Axiom Partnerships. Further to The Axiom Partnerships full departure from Byzen Digital, the Company has entered into an LOI with Clean-Seas, Inc.Byzen Digital’s President, Chris Percy said: “The first quarter of 2020 has been exceptionally busy for the Company. With the remaining 20 million shares now returned to treasury from The Axiom Partnerships, we can now focus on our restructure and the LOI with Clean-Seas.”
This intended new deal brought new interest into the stock. Clean-Seas was created in 2019 to address the global plastic waste in the ocean. “90% of the plastic waste in our oceans comes from just 10 rivers in the world,” said Dan Bates, CEO of Clean-Seas. “If we don’t tackle the problem of the waste that is generated on-land, we will never begin to clean up the problem that exists in the oceans; we must shut off the spigot.” The deal brought small cap websites such as microcapdaily.com to declare itself to see an “exciting rise” in the stock. Microcap traders on Twitter also are excited:
$BYZN dip to .30ish interests me— Shhhant (@SK_Trades) May 1, 2020
$BYZN is anyone paying attention. This is getting ACCUMULATED!— Jay C (@JayCorb2) May 1, 2020
Personally I am just watching this stock. I know that there is a surge of new small cap traders coming into the markets now like there hasn’t been seen in years, but I don’t know what to really make of the idea of a cleaning the oceans out business plan. I also am focused now on gold, silver, and mining stocks as they are beating the market averages. That’s what my own top stock pick for this month is all about you can find out about here.