Three penny stocks under watch this Friday - 5GG, HTG and DOU

Summary

  • While the ASX200 performance was somewhat muted, three penny stocks, including Pentanet, Harvest Technologies, and Douugh witnessed significant movement in their share price on the stock exchange.
  • Pentanet Limited secured a 15-year license for high band 5G spectrum in the 26 GHz April Auction.
  • Harvest Technology is all set to acquire SnapSupport via the issue of AU$2.59 million of its shares.
  • Douugh Limited launched instant bank account funding in collaboration with Stripe.

Penny stocks, including Pentanet, Harvest Technology Group and Douugh Limited, witnessed significant movement in their respective share price this Friday following some significant developments announced on the ASX.

Although the ASX200 performance was relatively muted, a few penny stocks had a solid last day of the week. Some of the players closing the week on a high include Brockman Mining Limited (ASX:BCK), Lion Energy Limited (ASX:LIO), Classic Minerals Ltd (ASX:CLZ), and Podium Minerals Limited (ASX:POD).

While Pentanet secured a 15-year license for high band 5G spectrum in the 26 GHz April Auction, its peers TPG Telecom (ASX:TPG) secured holdings in all available license area in 26 GHz band auction and Telstra Corporation (ASX:TLS) secured 1000 MHz in 26 GHz April Auction.

With this backdrop, let us look at the recent development of 5GG, HTG and DOU.

Pentanet Limited (ASX:5GG)

Perth-based growth-focused telecom and internet service provider Pentanet Limited announced that it secured a 15-year license for high band 5G spectrum in the 26 GHz April Auction organised by Australian Communications and Media Authority. The licence is for 200 MHz of 5G millimetre wave spectrum, including the Greater Perth region in Western Australia. It includes places like Perth, Mandurah, Bunbury, and Margaret River. The license fee is AU$8 million and would be paid in equal instalments over five years. In FY2021, AU$1.6 million was paid from the existing cash reserves.

Source: © Lv6353 | Megapixl.com

Benefits from the Acquisition:

  • The acquisition would accelerate the deployment of the Company’s Terragraph and network coverage in greater Perth.
  • Having a 5G licensed spectrum would make 5GG position to a new height as a telecommunication carrier.
  • It would also help the Company fast-track and improve its network deployment, especially while deploying its Terragraph network technology faster.

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Harvest Technology Group Limited

Harvest Technology Group Limited, the global leader in Industrial Grade Connectivity™ solutions, signed a binding term sheet to acquire SnapSupport Inc. The acquisition would be through an issue of AU$2.59 million of Harvest shares, to be done in two tranches.

SnapSupport Inc. is a Silicon Valley-based software company that provides mobile solutions centred on assisting resolve equipment failures and problems faster with real-time visual and AR-enabled support for remote field teams and equipment users.

The acquisition of SnapSupport Inc would depend on specific conditions precedent. It includes due diligence, entry into a formal share purchase deal by 30 May 2021, along with the completion of an employment pact with a crucial employee.

The benefit of the acquisition:

The acquisition of SnapSupport would help the Company deliver its commitments to accelerate a SaaS-based business model and expand access into the US and other global growth markets.

Douugh Limited

Douugh Limited,  the provider of AI-driven financial wellness app, announced the launch of instant bank account funding in collaboration with Stripe. Stripe is a certified US-based payment provider.

Building on the core payment technology of Stripe along with its machine learning fraud detection product ‘Radar’ would help DOU clients to connect their existing Mastercard and Visa debit cards to the DOU platform to fund their Douugh bank account.

The addition of the instant bank account funding feature in the outcome of the partnership between Douugh USA LLC and Stripe following the master service agreement, key terms and conditions disclosed in the Company’s August 2020 Replacement prospectus.

The feature introduced by the Company would also introduce a new revenue stream for DOU, charging a 3% fee to customers willing to pay for the ease of instantly settled fund.

Further, the initiative coupled with the latest release of instant push provisioning of virtual Douugh Mastercard debit card into Apple Wallet would reduce the time it takes to set up on the platform and get the benefits.

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Stock Information (As of 23 April 2021)


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